Everonn founder Kishore offloads 5% stake to Varkey Group

CHENNAI: A day after being declassified as non-promoter, Everonn’s founder P Kishore has started offloading his stake. On Friday he sold a 5% stake for about Rs 29 crore to an entity of Sunny Varkey, who is now running the show.

According to the bulk deal data on the Bombay Stock Exchange, Kishore sold 10.90 lakh shares at Rs 269.40 a share. The Concorde Residential Schools (Kerala) Private Limited, owned by Varkey bought 10.93 lakh shares at Rs 269.76 a share. The sellers of the remaining shares couldn't be immediately ascertained. Everonn shares closed down 2.12% at Rs 260.50 a share.

Kishore was arrested last year on charges of bribing an Income-Tax official. He was subsequently granted bail. Last month Kishore resigned as managing director, after Varkey, the founder of Dubai-based GEMS education group, brought in recently as a co-promoter, consolidated his grip on the company. Varkey had a 38% stake, after an open offer a few months back. Nikhil Gandhi of Skil Infra owns over 18%. Kishore and his family were declassified as promoters yesterday. Prior to Friday’s stake sale, Kishore and his family had about a 17% stake in the company.