A big block deal will happen tomorrow as soon as the market opens, this company will sell stake worth Rs. 1464.8 crore
A big block deal can happen tomorrow Friday as soon as the stock market opens. This block deal will happen in Nuvama Wealth Management. In this deal, Edel Finance Company Limited can sell its stake in Edel Finance.
According to reports, the floor price for this deal has been fixed at Rs 6,445 per share.
This deal will happen on NSE with a 5 percent discount on today’s last closing price. This block deal will be 6.4 percent of the total equity size. This deal will be worth Rs 1464.8 crore in total.
According to the news, after this block deal, the sale of upcoming shares on Edel Finance Company Limited will be banned for 75 days. This will be the lock-up period.
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Company’s stake
By the end of the first quarter of the current financial year, Edel Finance has a 5.18% stake in Nuvama Wealth Management.
Apart from this, Ecap Equities has a stake of 8.44% by the first quarter.
What is a block deal?
A block deal is a type of financial transaction that involves buying or selling a large number of securities, usually at least 5 lakh shares or at least Rs. 5 crore worth of shares in a single transaction. Block deals are run from the exchange’s central order book and negotiated between two parties, usually institutional investors such as mutual funds, insurance companies, or banks.
Block deals are reported to the stock exchange where shares are traded and are usually executed to achieve a specific investment objective, such as increasing or decreasing exposure to a particular stock or sector.
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