Sagility share price drops 6% after promoter likely to have sold equity worth ₹2,543 crore

Shares of Sagility Ltd. fell as much as 6% on Friday, October 30, after a large trade took place in the stock a few minutes after market opening.

As many as 59.3 crore shares of Sagility changed hands in the transaction, according to data available. Based on the outstanding shares, the number of shares that changed hands for Sagility amount to 12.7% of the company’s outstanding equity.

Shares changed hands at an average price of ₹43 per share, taking the total transaction value to ₹2,543 crore.

CNBC-TV18 had reported on Thursday that Sagility B.V. is likely to be the seller in the transaction, intending to sell up to 12% stake worth nearly ₹2,377 crore.

The offer price of ₹42.45 per share was a discount of nearly 5% to Thursday’s closing price. There will now be a lock-up of 365 days on any further stake sale for the seller.

In case Sagility B.V. is indeed the seller in the transaction, their holdings will drop below 50% after this deal, as they held a 50.95% stake in the company at the end of the September quarter.

Among the public shareholders of Sagility, Mutual Funds have a 15.1% stake in the company, led by Axis MF (1.53%), Canara Robeco MF (1.78%), Kotak MF (1.86%), and ICICI Prudential MF (3.39%). Axis Max Life Insurance also has a 2.74% stake in the company.

Foreign portfolio investors have a 10.38% stake in Sagility at the end of the September quarter, while over 5 lakh small retail shareholders, or those with authorized share capital of up to ₹2 lakh, have a 7.64% stake in the company.

Shares of Sagility are trading 5.1% lower on Friday after the block deal at ₹42.36. The stock is down nearly 20% so far for the year.