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The Economic Times
The Economic Times
Veer Sharma

Block deal alert! Craftsman Auto shares in focus as promoter to sell stake worth Rs 486 crore

Craftsman Automation ET Now

Shares of Craftsman Automation will be in focus heading into trade on Tuesday as promoter Srinivasan Ravi is set to pare his stake in the company through a block deal worth up to Rs 486 crore, including a greenshoe option, according to sources cited by ET Now. The transaction involves the sale of as many as 5.25 lakh shares, representing up to 2.01% of the company's equity.

The floor price for the deal has been set at Rs 9,250 per share, which is at a discount of up to 2.9% to Craftsman Automation's closing price on the NSE on June 22. The share sale is purely a secondary transaction, meaning the company itself will not receive any proceeds.

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