Promoters of Gandhimathi Appliances offload nearly 3% stake

CHENNAI: The promoters of Chennai-based Gandhimathi Appliances Ltd, a company in which Anil Ambani's private equity firm is going to buy a 13% stake, have offloaded nearly 3% stake in an open market transaction raising Rs 16.9 crore.

According to bulk deal data available on the BSE, LLM Applicances Ltd, one of the promoters of Gandhimathi, sold 4.4 lakh shares at Rs 370.01 a share on Tuesday.

As of March 2012, the promoters had a 77.82% stake in the firm that makes the Butterfly brand of home appliances. The current transaction brings it down to below 75%.

About 70,000 shares were picked up by wealth management firm Bell Wether Capital Private Limited for Rs 2.59 crore.