Voltamp Transformers Shares Nosedive Almost 6% Following Rs 603 Crore Block Deal; Details Inside

The share price of Vadodara-based Voltamp Transformers Ltd slumped almost 6% in the early morning trade on Tuesday. The sharp dip in the company's share price was seen after a Rs 603 crore block deal occurred on the bourses. Voltamp Transformers were down 4.30% at Rs 4733.75 per share at 10 am IST today.

Approximately 13 lakh shares or 12.9% equity swapped hands in a block deal at an average price of Rs 4,650 a piece, indicating a discount of almost 6% compared to the stock's previous day's closing price of Rs 4,928.50.

Ahead of today's selloff in Voltamp Transformers shares, on September 25 CNBC-Awaaz reported that promoters of Voltamp are looking to collectively offload around 10% stake in the company through a block deal on September 26 i..e Tuesday. Noticeably, the promoters of Voltamp Transformers own a 50% stake in the Vadodara-based company currently, as per the shareholding data shared by the firm at the end of the June quarter.
According to this report, Voltamp promoters are expected to sell a combined total of up to 12 lakh shares of their total holdings in the company.

As per the report, the floor price of the block deal was anticipated to be around Rs 4600 per piece, representing a 7% discount to the stock's closing price on the NSE on September 25. The total deal value is expected to be around Rs 550 crore.

The stock has a 52-week-high and 52-week-low of 5,964.20 and 2,352.00 respectively. In the last one year, the share price of Voltamp Transformers Ltd has gained almost 87%.