Jyoti CNC Automation Shareholders Sell Stake Worth Rs 622 Crore

Two shareholders of Jyoti CNC Automation Ltd. offloaded shares worth Rs 622 crore on Monday through open market transactions. Morgan Stanley Asia Singapore Pte. and Axis Midcap Fund were among the buyers.

Paresh Mohanlal Parekh sold a 1.3% stake in the company for Rs 333 crore, while Vijay Mohanlal Parekh divested a 1.13% stake for Rs 289 crore, according to NSE block deal data. Paresh Mohanlal Parekh sold 29.7 lakh shares and Vijay Mohanlal Parekh offloaded 25.76 lakh shares at Rs 1,123 apiece.

As of June 2024, Paresh Mohanlal Parekh and Vijay Mohanlal Parekh held 7.52% stakes each in the CNC machine manufacturing firm.

On the other hand, Morgan Stanley Asia Singapore bought 17.33 lakh shares at Rs 1,123 apiece, while Axis Midcap Fund acquired 9.43 lakh shares at Rs 1.123 apiece.

Shares of the company closed 1.35% lower at Rs 1,117.50 apiece, as compared to a 0.02% advance in the NSE Nifty 50. The shares were listed on the NSE at Rs 370 apiece on Jan. 16 and have risen 158.87% since then.