Coffee baron cuts stake in Sical Logisitics
Coffee baron VG Siddhartha has pared his stake in Sical Logistics Ltd by 3.95 percentage points from 57.08% through two open market sales between October and November.
By ET Bureau | Updated:
CHENNAI: Coffee baron VG Siddhartha has pared his stake in Sical Logistics Ltd by 3.95 percentage points from 57.08% through two open market sales between October and November.
On October 19 and November 11, Siddhartha's Tanglin Retail Realty Developments sold 17.85 lakh shares (or 3.95%) for about Rs 12.72 crore via bulk deal transactions on the National Stock Exchange.
The stake sale by the Cafe Coffee Day owner will help the company move toward a minimum 25% public float, a norm prescribed by market regulator Sebi. Prior to the cut, Siddhartha and other promoters held a 79.26% stake in Sical.
Tanglin had bought a majority stake in Sical from the MA Chidambaram Group through a preferential allotment, and subsequently an an open offer was completed in September. Siddhartha spent about Rs 200 crore in all for the stake.
Shares of Sical was trading flat at Rs 70.30 at 1435 hours.
On October 19 and November 11, Siddhartha's Tanglin Retail Realty Developments sold 17.85 lakh shares (or 3.95%) for about Rs 12.72 crore via bulk deal transactions on the National Stock Exchange.
The stake sale by the Cafe Coffee Day owner will help the company move toward a minimum 25% public float, a norm prescribed by market regulator Sebi. Prior to the cut, Siddhartha and other promoters held a 79.26% stake in Sical.
Tanglin had bought a majority stake in Sical from the MA Chidambaram Group through a preferential allotment, and subsequently an an open offer was completed in September. Siddhartha spent about Rs 200 crore in all for the stake.
Shares of Sical was trading flat at Rs 70.30 at 1435 hours.
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