Promoters dilute 6% stake in Avalon Technologies for Rs 871 crore

Three promoter entities of Avalon Technologies pared their shareholding by 6 per cent for Rs 871 crore through separate bulk deals on Wednesday.

Bhaskar Srinivasan, KBS Family Trust and BBS Family Trust sold 13.36 lakh shares each, representing a combined 6 per cent stake in Chennai-based Avalon Technologies at prices ranging from Rs 2,171.03-2,173.35 apiece, according to BSE data.

This transaction fetched Rs 870.61 crore from the stake sale.


The sale reduced the combined holding of promoters and promoter group to 38.4 per cent from 44.39 per cent.

Meanwhile, Kotak Mahindra Mutual Fund bought 24.01 lakh shares, or 3.59 per cent, in electronic manufacturing services firm Avalon Technologies, at an average price of Rs 2,171 per share, valuing the transaction at Rs 521.38 crore.

The other buyers of the promoter-sold shares could not be identified from the exchange data.

Avalon Technologies shares closed 0.49 per cent lower at Rs 2,294.50 apiece on the BSE.

Separately, global investment firm TPG's arm Newquest Asia Fund IV (Singapore) Pte sold 40 lakh shares, or 0.68 per cent stake in logistics firm Shadowfax Technologies for nearly Rs 113.61 crore through an open market transaction.

The shares were sold at Rs 284.03 apiece, taking Newquest's holding to 10.85 per cent from 11.53 per cent. TPG's arm will, however, continue to be the largest public shareholder.

Shadowfax Technologies shares ended marginally lower at Rs 280.50 apiece on the BSE.