Seven individuals sell Polycab shares worth Rs 1,740 crore

New Delhi, Sep 25 (PTI) Seven individuals, including promoters of Polycab India, on Thursday cumulatively divested a 1.55 per cent stake in the electrical equipment maker for nearly Rs 1,740 crore through open market transactions.

JP Morgan, Morgan Stanley Asia Singapore, Societe Generale, HDFC Standard Life Insurance, Kotak Mahindra Life Insurance, Ghisallo Capital Management, Tata Mutual Fund, ASK Investment Managers, and Hong Kong-based hedge fund Viridian Asset Management were among the buyers of Polycab India's shares.

According to the block deal data available on the NSE, Ramesh Thakurdas Jaisinghani, Ajay Jaisinghani, Bharat Jaisinghani, Inder Thakurdas Jaisinghani, Nikhil Ramesh Jaisinghani and Girdhari Thakurdas Jaisinghani were the promoters and promoter group that pared their holdings in Mumbai-based Polycab India.

Anil Hariram Hariani, Director of Commodities in Polycab India, also offloaded shares. Hariani is a public shareholder of the company.

These individuals collectively sold over 23.32 lakh equity shares, representing a 1.55 per cent in separate deals.

The combined transaction was valued around Rs 1,739.74 crore, and was executed at the price of Rs 7,458 apiece.

Shares of Polycab India fell 1.96 per cent to close at Rs 7,385 apiece on the National Stock Exchange (NSE).

In July this year, Polycab India reported a 50 per cent year-on-year (YoY) growth in its Q1FY26 net profit to 592 crore as compared to Rs 396 crore posted in the year-ago period.

The revenue from operations rose 26 per cent YoY at Rs 5,906 crore against Rs 4,698 crore in the year-ago period.

In a separate bulk deal on the NSE, QRG Investments and Holdings, one of the promoters of Havells India, sold a little over 3.67 lakh shares or 0.51 per cent stake in Awfis Space Solutions for nearly Rs 22 crore through an open market transaction.

The shares were disposed of at an average price of Rs 591.17 apiece, taking the deal value to Rs 21.72 crore.

After the share sale, QRG Investments and Holdings' equity stake in Awfis Space Solutions has come down to 4.56 per cent from 5.07 per cent.

Details of the buyers of Awfis Space Solutions' shares could not be ascertained on the exchange.

Shares of Awfis Space Solutions slipped 0.70 per cent to settle at Rs 585.20 per piece on the NSE. PTI HG HG MR