Goldman Sachs offloads stake in Karnataka Bank, Punj Lloyd

Goldman Sachs Investments has lowered its exposure to Karnataka Bank and Punj Lloyd, selling shares of the two entities for over Rs 19 crore through open market transactions.

Goldman Sachs Investments (Mauritius) I Ltd sold 11.94 lakh shares of private sector lender Karnataka Bank for Rs 11.74 crore, as per information available with the stock exchanges.

Besides, the foreign fund house offloaded 26.16 lakh shares in engineering major Punj Lloyd for an estimated Rs 7.5 crore, the data showed.

Shares of Karnataka Bank were sold on an average price of Rs 98.36, while that of Punj Lloyd were offloaded at Rs 28.69 apiece.

As of June quarter, Goldman Sachs Investments held 25.84 lakh shares, representing 1.37% stake, of Karnataka Bank, while the foreign investor owned 40 lakh scrips or 1.2% holding in Punj Lloyd during the period.

In a separate bulk deal, Derive Investments today picked up 19.5 lakh shares of India Cements for over Rs 10 crore.