Kaynes Technology Promoter Ramesh Kunhikannan Divests 1.8% Stake for Rs 624 Crore

On Wednesday, a promoter of Kaynes Technology India sold a 1.8% stake in the company, amounting to Rs 624 crore, through open market transactions. Ramesh Kunhikannan, a promoter from Mysore-based Kaynes Technology India, executed the sale. The shares were sold on both the NSE and BSE.

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Kaynes Technology Stake Sale

Kunhikannan sold 6.25 lakh shares on the NSE and 5 lakh shares on the BSE, totalling a 1.8% stake. The shares were sold at prices ranging from Rs 5,550.87 to Rs 5,553.03 each. This transaction brought the total value to Rs 624.58 crore.

Following this sale, Kunhikannan's holding in Kaynes Technology India decreased from 57.71% to 55.91%. However, details regarding the buyers of these shares remain undisclosed on the exchanges.

Market Impact and Other Transactions

The share price of Kaynes Technology India experienced a decline after the transaction. On the BSE, it fell by 0.97% to close at Rs 5,730.05 per share. Similarly, on the NSE, it dropped by 0.86%, settling at Rs 5,738.50 per share.

In another significant transaction on the NSE, Motilal Oswal Foundation divested a 0.62% stake in Motilal Oswal Financial Services for Rs 305 crore through an open market deal. They sold 37.04 lakh shares at an average price of Rs 825.01 each.

The total value of this transaction amounted to Rs 305.58 crore. As with Kaynes Technology India, details about the buyers of these shares were not available on the NSE.

Motilal Oswal Financial Services Share Movement

Despite the sale by Motilal Oswal Foundation, shares of Motilal Oswal Financial Services saw an increase in value. They rose by 2.44%, closing at Rs 822.85 per share on the NSE.

The recent transactions highlight significant movements in stakes for both companies involved, reflecting active trading activities in their respective markets.

With inputs from PTI