Goldman Sachs Sells Stake in ISGEC Heavy Engineering

Goldman Sachs sold its 1.42% stake in ISGEC Heavy Engineering for Rs 96 crore. The shares were sold through an open market transaction. Nippon India Mutual Fund acquired a 1.13% stake in the company. The shares closed lower on the NSE.

Goldman Sachs, a major player in global investment banking, announced its exit from ISGEC Heavy Engineering by divesting its 1.4% stake through an open market transaction, amounting to Rs 96 crore.

The US-based firm, via its Goldman Sachs Funds division, sold 10.43 lakh shares in ISGEC Heavy Engineering, representing a 1.42% stake, at an average price of Rs 915.49 each, according to data from the National Stock Exchange.

Coinciding with this, Nippon India Mutual Fund purchased 8.32 lakh shares, or 1.13% of the company, at an average price of Rs 915 per share. The transaction was valued at Rs 76.21 crore. Shares of ISGEC Heavy Engineering had fallen 1.37% on Wednesday to close at Rs 938 on the NSE.