Two promoter entities, Cyquator Media Services Private Ltd. and Essel Corporate LLP  sold shares work Rs. 332 crore of the media conglomerate in the last two months.
According to the company’s exchange notification, Cyquater Media Services Private Ltd. sold 53.1 lakh shares worth Rs. 227 crore between February 13 and March 29 at an average price of Rs. 427.30 apiece.
Essel Corporate LLP sold 23.2 lakh shares between March 13 and March 25, at an average price of Rs. 453.10 apiece. The company sold shares in both the transactions amount to nearly 0.8 percent of the Subhash Chandra led the company’s equity and 1.9 percent of the promoter holding.
Earlier, the company has announced that it’s looking to sell a significant stake to a strategic investor as it struggled to raise funds and repay debt.
Read EquityPandit’s Technical Analysis of Nifty Media