Cash management company CMS Info Systems promoter, Sion Investment Holdings, on Tuesday (February 27) sold its entire stake in the company through open market transactions.
Sion Investments, an affiliate of Baring Private Equity Asia, sold 4.2 crore shares, which comes up to a 26.68% stake in CMS Info Systems at an average price of ₹370.38. The value of the deal is ₹1,547.15 crore.
Kotak Mahindra Mutual Fund, ICICI Prudential, Nomura, Societe Generale, Matthew Cyriac, IIFL Securities, Morgan Stanley Asia, Think India etc were the buyers.
However, CNBC-TV18 reported on Monday that CMS Info Systems' promoter entity Sion Investments is likely to sell a 26.7% stake in the company through block deals. The floor price of ₹360 was a 9% discount on Monday's closing price for the stock.
Based on the December quarter shareholding pattern, Sion Investments held a 26.7% stake, implying that if they are indeed the sellers in the block deal, it would count as a clean-out trade and take the promoter holding down to zero.
Earlier last year, the promoters of Coforge had also sold their remaining stake in the company via a block deal, taking the promoter holding down to zero.
As of Monday's closing, shares of CMS Info Systems had nearly doubled from their IPO price of ₹216 per share. The company had made its stock market debut in December 2021.
Shares of CMS Info Systems are trading 3.2% lower currently at ₹384.1, post the transaction.
First Published: Feb 27, 2024 9:28 AM IST
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