GMR Group sells 4.15% stake in KVB for Rs 179 crore

CHENNAI: GMR Group has sold 4.15% stake in Karur Vysaya Bank for about Rs 179 crore in a bulk market deal on the National Stock Exchange. With this, GMR, the bank's biggest institutional shareholder until now, has just less than 1% stake.

On Friday, GMR group companies, GMR Estates, GMR Properties, Grandhi Enterprises and Rajam Enterprises sold a total of 44.6 lakh shares at about Rs 401 a share. Sundaram MIP CAP Fund had bought about 21.76
lakh shares for over Rs 87 crore. The identity of the remaining buyers weren't immediately known.

A few days back, another big institutional shareholder, Boyance Infra, had sold just over 11 lakh shares or a 1.03% stake for about Rs 42 crore. Boyance had held a 3.79% stake in the old private sector bank.

The other big shareholder in the bank is Rakesh Jhunjhunwala who holds a 4.27% stake.