Jhunjhunwalas sell 8% stake in Praj Industries

Stock declines nearly 10% after stake-sale

Billionaire investor Rakesh Jhunjhunwala and wife Rekha, have together sold about eight per cent stake in Praj Industries on Thursday. According to bulk deals data on the exchanges, the Jhunjhunwalas together sold 1.4 crore shares bringing down their total stake to 0.45 per cent.  The shares were sold at Rs 75.06 and Rs 75.03 a share, valuing the total deal at Rs 106 crore.

Jhunjhunwala sold 12 million shares, which reduced his stake to 0.1 per cent from 6.9 per cent at the end of the March quarter. Rekha sold two million shares in the company, which brought her stake down to 0.3 per cent from 1.46 per cent.

The stock of Praj Industries saw a sharp decline during mid-day trade, resulting in an 8.2 per cent drop at closing time. The scrip ended at Rs 70.85, down Rs 6.35 a share after a touching a low of Rs 69.60. While the Jhunjhunwalas sold, HDFC Mutual Fund bought 11 million shares of the company.  At Rs 75, the total value of the purchase stood at Rs 82.5 crore.