Autoline Industries shares fall 3% after Rakesh Jhunjhunwala, his wife cut stake

Autoline Industries share price was down over 3 percent intraday on November 20 after ace investor Rakesh Jhunjhunwala and his wife reduced stake in the company to 5.65 percent on November 19 against 6.2 percent in September quarter.

The stock was trading at Rs 29.30, down Rs 0.95, or 3.14 percent at 10:19 hours. It has touched an intraday high of Rs 30.20 and an intraday low of Rs 29.30.

The company disclosed its latest shareholding pattern on November 19. As per the same, Jhunjhunwala Rakesh Radheshyam has 3.29 percent and his wife 2.36 percent stake in the auto ancillary company.

It means together they have reduced stake in the company to 5.65 percent as of November 19 against 6.2 percent as of the September quarter.

Apart from that, Indianivesh Rennaisance Fund also lowered its stake in the company to 15.48 percent from 16.97 percent in the same period.

However, JM Financial Asset Reconstruction Company Limited acquired 8.73 percent stake via preferential allotment of equity shares and

9 percent optionally convertible debentures pursuant to the conversion of debt into equity.

In accordance with the restructuring scheme, on November 10, Autoline approved the allotment of 27,02,703 equity shares having face value of Rs 10 each of the company to JM Financial Asset Reconstruction Company (JMFARC) by converting its secured loan upto Rs 10 crore at a price of Rs 37 each.