Shares of CG Power and Industrial Solutions experienced a 3.5% decline in trade on May 21 following a block deal involving a 0.5% stake in the company on the exchanges.
While the parties involved in the transaction were not immediately ascertained by Moneycontrol, CNBC Awaaz reported, citing sources, that a foreign institutional investor (FII) shareholder was likely to sell a stake worth Rs 425 crore through the block deal. The deal was expected to be executed at a floor price offering a 2-3% discount to the stock’s previous close.
CG Power and Industrial Solutions’ shares were trading at Rs 645.30 on the NSE amidst this development.
The company recently released its Q4 earnings, revealing a 15% uptick in consolidated revenue at Rs 2,191 crore from Rs 1,902 crore in the same quarter a year ago. However, there was a 10% decline in consolidated net profit, which stood at Rs 233.8 crore for the March quarter of FY24, primarily due to higher expenses. This marked a decrease from the net profit of Rs 260 crore posted in the corresponding period last year.
