Polycab India promoters sell shares worth Rs 1,739 crore in block deal

Mumbai: Promoters Nikhil Jaisinghani, Bharat Jaisinghani, Ajay Jaisinghani, Girdhari Jaisinghani, Ramesh Jaisinghani, Inder Jaisinghani along with shareholder Anil Jaisinghani sold shares of Polycab India worth ₹1,739 crore in a block deal on NSE on Thursday.

They sold 23.32 lakh shares at ₹7,458 apiece. The promoters and Anil Jaisinghani held 48.7% in the company as of June 30 and offloaded 1.6% of the total equity in the deal. JP Morgan Fund, Morgan Stanley Asia Singapore, Kotak Mahindra Life, HDFC Standard Life and Societe Generale were among the buyers in the deal. Polycab India's shares fell 2% to close at ₹7,385 on Thursday.