Electronics Mart India Promoters Sell Rs 689 Crore Stake To FTIF, SBI

Karan Bajaj and Pavan Kumar Bajaj offloaded a stake worth Rs 689 crore in Electronics Mart India Ltd. through open market transactions on Friday.

Buyers include Ftif, Templeton Asian Smaller Companies Fund, Norges Bank, Government Pension Fund Global and SBI Mutual Fund. Karan Bajaj and Pavan Kumar Bajaj sold 1.50 crore shares each, representing a 3.89% stake each in the company at Rs 1,318 apiece.

Promoter Pavan Kumar Bajaj held a 36.02% stake in Electronics Mart India, whereas promoter Karan Bajaj held a 35.94% stake as of June 2024.

On the other hand, Ftif-Templeton Asian Smaller Companies Fund mopped up 32.06 lakh shares, representing a 0.83% stake, while Norges Bank-Government Pension Fund Global bought 67.35 lakh shares, representing a 1.75% stake at Rs 230.75 apiece, adding up to Rs 155 crore, and SBI Mutual Fund bought 1.51 crore shares, representing a 3.92% stake at Rs 229.75 apiece, adding up to Rs 346 crore.

Shares of Electronics Mart India Ltd. closed 2.85% higher at Rs 230.17 apiece, as compared with a 1.65% uptick in the NSE Nifty 50.