Shares of KPR Mill fell as much as 7% on the BSE after a sudden spurt in volume of the stock during the early session. Over 1.13 crore shares have changed hands on the bourses as of now today. This spurt in volume is likely due to block deal launched by the company’s promoters.
Its promoters, Chairman KP Ramasamy and Managing Directors KPD Sigamani and P Nataraj are likely the sellers in the block deals that took place on the BSE today. The three promoters were expected to sell up to 3.2% stake in the company via block deals for an estimated transaction value of nearly Rs 1,195.6 crore, CNBC-TV18 had reported on Tuesday. The floor price for the said transaction was set at Rs 1,107 per share, the report cited, adding that IIFL Capital Services is the designated broker for the block deal.
The aforementioned promoters held 20.34% stake each in the company as of March, according to data available on the BSE. The total shareholding of the promoters and promoter groups was 70.68% in the textile company.
KPR Mill’s consolidated revenue for the March quarter rose to Rs 1,768.98 crore from Rs 1,696.72 recorded in the same quarter a year ago. On the other hand, its consolidated net profit for the period fell to Rs 204.55 crore from Rs 213.61 crore in the year-ago quarter. Along with the Q4 results, the company also announced a final dividend of Rs 2.5 per equity share for FY25.
The stock pared some losses and at 10:41 AM it was trading at Rs 1,166.25 on the BSE, down 5.2%. Currently, the stock has a market cap of Rs 39,864.06 crore. Shares of the company are trading nearly 57% higher than the 52-week low level, while it is over 16% below the 52-week high level.
