As many as 1.78 crore shares or 2.86% equity of Nippon AMC, worth ₹762 crore, changed hands in a block deal window at ₹427 per share, on Wednesday, December 2023.
Buyers and sellers in the transaction are yet to be ascertained.
On Tuesday, CNBC-TV18 had reported that private sector lender IndusInd Bank would likely divest 2.86% equity stake in the AMC via block deals. The report stated that the block deals would involve the sale of up to 1.79 crore shares at a floor price of ₹426.60 per share, reflecting a 5% discount to the current market price, according to multiple people familiar with the development.
Nippon AMC reported a 19.6% increase in its net profit to ₹235.2 crore for the quarter ending September, as compared to ₹197 crore posted in the same quarter last financial year.
The company's revenue also experienced substantial growth, rising by 19.1% to reach ₹368.1 crore in comparison to ₹309 crore in the previous fiscal year.
Income from operations increased by 20% to ₹397 crore (₹332 crore). Retail assets contributed 30% to the company’s assets against the industry average of 26%.
Nippon AMC shares are trading 6.9% higher at ₹480.4 apiece at 10.20am on December 20.
First Published: Dec 20, 2023 9:07 AM IST
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