Al Mehwar Commercial Investments Divests Stake in Elgi Equipments

Al Mehwar Commercial Investments sold its 0.7% stake in Elgi Equipments for Rs 155 crore. The shares were sold at Rs 673 each, and the total transaction was valued at Rs 154.64 crore. The company's stake in Elgi previously stood at 1.29% in the June quarter. Elgi's shares fell 1.43% after the sale.

Al Mehwar Commercial Investments on Tuesday divested its stake in Elgi Equipments for Rs 155 crore through an open market transaction.

According to the bulk deal data available on the National Stock Exchange (NSE), Al Mehwar Commercial Investments LLC offloaded 22,97,777 shares, amounting to a 0.7 per cent stake in Elgi Equipments.

The shares were sold at an average price of Rs 673 apiece, taking the transaction value to Rs 154.64 crore.

At the end of the June quarter, Al Mehwar Commercial Investments LLC held a 1.29 per cent stake in Coimbatore-based Elgi Equipments.

Shares of Elgi Equipments fell 1.43 per cent to close at Rs 671 per piece on the NSE.

(With inputs from agencies.)