Welspun India's promoter sells 5% stake in textile worth Rs 3.5 billion

A promoter of Welspun India on Wednesday sold nearly 5 per cent stake in the textile firm for almost Rs 3.5 billion through an open market transaction.

According to the bulk deal data available with NSE, Welspun India's promoter MGN Agro Properties Pvt Ltd offloaded 4.81 crore shares, amounting to 4.79 per cent stake in the firm.

The shares were disposed of at an average price of Rs 72.71 apiece, valuing the transaction at Rs 3.5 billion, the data showed.

Among the buyers of the shares were DSP BlackRock Mutual Fund's -- 'Balanced Fund', 'Micro Cap Fund', 'Opportunities Fund' and 'Tax Saver Fund'.

The four entities together bought 37.2 million shares at an average price of Rs 72.7 per scrip, taking the total value of the transaction to Rs 2.7 billion.

The shares of Welspun India settled 4.16 per cent higher at Rs 76.45 apiece on NSE today.