Major Stake Divestments in Sharda Motor and Titagarh Rail Systems Boost Market Activity

Mala Relan, promoter of Sharda Motor Industries, sold 8.4% of her stake for Rs 499 crore. This reduced the promoter group's stake to 64.8%. Various mutual funds and investment companies bought the shares. In a separate event, Rashmi Chowdhary sold a 2% stake in Titagarh Rail Systems for Rs 436 crore.

In a significant market development on Wednesday, Mala Relan, a key promoter of Sharda Motor Industries, divested 25 lakh shares, constituting an 8.4 per cent stake in the company, for a total of Rs 499 crore through an open market transaction.

The shares were sold at an average price of Rs 1,996.10 each, reducing the cumulative stake of the promoters in Sharda Motor Industries from 73.20 per cent to 64.8 per cent. Prominent buyers included several mutual funds and investment firms such as ICICI Prudential MF, Axis MF, and HDFC MF, amongst others.

Concurrent with this, Rashmi Chowdhary, one of the promoters of Titagarh Rail Systems, offloaded a 2 per cent stake equivalent to 26,93,475 shares for Rs 436 crore, priced at Rs 1,618 per share. Following this sale, Chowdhary's holding decreased, coinciding with BlackRock Global Funds and BNP Paribas snapping up the shares. Shares of both companies saw significant gains in response to these transactions.

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