Laurus Labs promoters sell 70 lakh shares worth ₹258 crore to revoke pledge

Since the IL&FS defaults, it can be noted that NBFCs and housing finance companies (HFCs) were facing a crisis of confidence, sending call money rates higher and overall liquidity tight.
Since the IL&FS defaults, it can be noted that NBFCs and housing finance companies (HFCs) were facing a crisis of confidence, sending call money rates higher and overall liquidity tight.
 1 min read . Updated: 05 Mar 2021, 05:46 PM IST Staff Writer

Laurus Labs said that Satyanarayana Chava, its founder promoter, chief executive officer and ED sold 52 lakh shares of the company. The shares were sold at an average price of ₹368.59, aggregating to ₹191.67 crore. Nagarani Chava, one of the promoters of the company, also sold 18 lakh shares at an average price of 366.91 per share. The total value is ₹66.04 crore.

"Significant part of the above amount shall be utilized to release the pledge on their equity shares of the company," Laurus Labs said in the filing.

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These promoters have purchased around 3% of the then paid-up capital of the company in 2018, the company said in the regulatory filing.

Shares of Laurus Labs Ltd on Friday declined over four per cent after two promoters offloaded shares of the company.

On BSE, the scrip ended at ₹351.3, down 4.63% over previous close. Intra-day, it hit a low of ₹348.8.

On NSE, the shares declined 4.64% to close the counter at ₹351.65 apiece. During the trading session, the scrip hit intra-day low of ₹348.5.


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