As many as 40.5 lakh shares of Avalon Technologies changed hands in the block trade, amounting to 6.06% of the total equity.
Shares changed hands at an average price of ₹2,181 per share, taking the total transaction value to ₹883 crore, according to data available.
The official buyers and sellers of the transaction are not yet known.
However, Avalon Tech later issued a clarification stated that the reference to ‘KBS Family Trust’ should not be construed as a reference to Kunhamed Bicha or his promoter group. It clarified that Bicha and his promoter group are not selling any shares in connection with the proposed stake sale.
It clarified that KBS Family Trust (Kavya Bhaskar Srinivasan Family Trust) forms part of Bhaskar Srinivasan’s promoter group.
As of September 29, 2026, the shareholding of Bhaskar Srinivasan’s promoter group is as follows:
Bhaskar Srinivasan – 9.38% stake
BBS Family Trust – 3.02% stake
KBS Family Trust – 3.02%
Dolphin Family Trust – 0%
Total – 14.52%
On Tuesday, CNBC-TV18 had reported, citing sources that three promoter entities were set to sell up to 6% of the existing outstanding equity of Avalon Technologies for around ₹861.9 crore to ₹922 crore via block deals.
The three promoter entities are Bhaskar Srinivasan, BBS Family Trust and KBS Family Trust, sources said. The indicative price range for the transaction was ₹2,150 to ₹2,302 per equity share, sources added.
A 180-day lock up period would apply to the sellers on further sale of shares.
At the end of the June quarter, promoter entities held 44.39% stake in Avalon Tech. Meanwhile, public shareholders held 55.61% stake in the company, the stock exchange data stated.
Shares of Avalon Tech are trading with losses in September, so far, despite hitting fresh record highs twice this month.
The stock hit its record high of ₹2,618 on September 18 after rising 13.8% in intraday trade. Prior to this it had hit its record high of ₹2,424 on September 7 after brokerage firm Nomura raised its target price sharply on the stock to ₹2,767.32.
Shares of Avalon Technologies were 6% off their intraday low post its clarification. The stock was trading flat at ₹2,300 apiece at 3 pm. It has declined 3% in the past month but has surged 161% in 2026, so far.