SICOM sold over 2 crore Unitech shares on Monday
SICOM, the Maharashtra government owned premier lending institution, has sold a little over two crore shares of Unitech through two separate block deals transacted on Monday.
By ET Bureau |
MUMBAI: SICOM, the Maharashtra government owned premier lending institution, has sold a little over two crore shares of Unitech through two separate block deals transacted on Monday.
While it is unclear if the shares were pledged with SICOM, market sources do not rule out such possibility, given the current trend where financial institutions and NBFCs are forced to sell a large number of pledged shares due to inability of the borrowers to repay loans.
SICOM offloaded 1.2 crore shares of Unitech on the BSE and another 81.2 lakh shares on the NSE. The shares, which account for 1.3 percent of the company's equity capital, were sold for Rs 55 crore. The identity of the buyers has not been disclosed while reporting the deals to the stock exchanges.
The Unitech stock has been on a decline, losing about 30 per cent in the past one month. On NSE, It was down 4 per cent to Rs 30.65 at 1:17 pm on Tuesday.
While it is unclear if the shares were pledged with SICOM, market sources do not rule out such possibility, given the current trend where financial institutions and NBFCs are forced to sell a large number of pledged shares due to inability of the borrowers to repay loans.
SICOM offloaded 1.2 crore shares of Unitech on the BSE and another 81.2 lakh shares on the NSE. The shares, which account for 1.3 percent of the company's equity capital, were sold for Rs 55 crore. The identity of the buyers has not been disclosed while reporting the deals to the stock exchanges.
The Unitech stock has been on a decline, losing about 30 per cent in the past one month. On NSE, It was down 4 per cent to Rs 30.65 at 1:17 pm on Tuesday.
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