Sundaram Clayton promoter divests 7 pc stake for Rs 175 crore

Venu Srinivasan, one of the promoters of Sundaram Clayton, on Thursday sold 7 per cent of his stake in the auto component manufacturer for Rs 175 crore through an open market transaction.

Venu Srinivasan is also the chairman emeritus in TVS Motor Company.

According to the bulk deal data available with the National Stock Exchange (NSE), Venu Srinivasan sold 14,16,247 shares, amounting to a 7 per cent stake in Sundaram Clayton.

The shares were disposed of at an average price of Rs 1,239.99 apiece, taking the deal value to Rs 175.61 crore.

After the stake sale, Venu Srinivasan's shareholding has declined to 4.78 per cent from 11.78 per cent stake.

Also, stakeholding of promoter and promoter group entities have also reduced to 67.45 per cent from 74.45 per cent stake in the company.

Meanwhile, SBI Mutual Fund picked up 7.74 lakh shares and Govindlal Mansukhlal Parikh acquired 5.35 lakh shares, as per the data.

The shares were bought at an average price of Rs 1,240 apiece, taking the transaction value to Rs 162.41 crore.

Details of the other buyers could not be ascertained.

Shares of Sundaram Clayton fell 1.16 per cent to close at Rs 1,260 apiece on the NSE.

Sundaram Clayton Ltd (SCL) is one of the largest auto components manufacturing and distribution group in India and is the holding company of TVS Motor Company. It is a leading supplier of aluminium die castings to automotive and non-automotive sector.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)