Major Stake Acquisition in Netweb Technologies India

Six entities, including Citigroup Global Markets Mauritius and ICICI Prudential MF, acquired stakes in Netweb Technologies India for Rs 458 crore. A total of 20,54,795 shares were bought, reducing the promoters' stake from 75.04% to 71.4%. Shares rose by 4.22% to Rs 2,349.80 on the NSE.

In a significant market move, six entities, including Citigroup Global Markets Mauritius and ICICI Prudential Mutual Fund, acquired stakes totaling Rs 458 crore in Netweb Technologies India through open market transactions.

According to the National Stock Exchange, Citigroup Global Markets Mauritius, Discovery Global Opportunity Mauritius, ICICI Prudential Mutual Fund, Invesco MF, Societe Generale, and Union Mutual Fund purchased 20,54,795 shares, which accounts for a 3.64 per cent stake.

The shares were acquired at an average price of Rs 2,232.10 each, bringing the total deal value to Rs 458.65 crore. Concurrently, promoters Navin Lodha, Sanjay Lodha, Niraj Lodha, and Vivek Lodha sold the equivalent number of shares at the same price on the NSE. Post-transaction, the promoters' and promoter group's shareholding in Netweb Technologies India has dropped from 75.04 per cent to 71.4 per cent. Netweb Technologies India shares saw a rise of 4.22 per cent, closing at Rs 2,349.80 per share on the NSE.