Public shareholder Dodona Holdings Ltd. offloaded a 0.33% stake in Trent Ltd. for Rs 838 crore through an open market transaction on Monday.
Dodona Holdings exchanged 12 lakh shares with investor Siddhartha Yog for Rs 6,985 apiece, according to the block deal data on the National Stock Exchange.
This is the fifth time that Yog has purchased a stake in Trent from Dodona Holdings.
As of September, Dodona Holdings had a 0.33% stake in the company.
Yog, who is the founding partner of Xander Group Inc., leads an investment firm that focuses on emerging markets and manages over $3 billion in assets. He is also the founder and chairperson of Virtuous Retail, which specialises in owning and operating community-centered shopping centres.
Previous Deals
On Oct. 22, the investor had bought a 0.31% stake in Trent for Rs 847.2 crore. Then, a Trent public shareholder had sold 11.3 lakh shares to Yog at Rs 7,465 apiece.
On Oct. 14, Yog had acquired a 0.29% stake in the Tata Group retail firm for Rs 846.1 crore. At that time, Dodona Holdings had sold 10.42 lakh shares for Rs 8,115 apiece.
In September, Yog had acquired a 0.3% stake in Trent for Rs 718 crore. During this period, Dodona Holdings sold 1 million shares for Rs 7,115 each.
Prior to that, in August, Yog had acquired a 0.27% stake in the company for Rs 649 crore through a block deal. Dodona Holdings served as the seller, offloading 9.48 lakh shares at a price of Rs 5,220 each.
Shares of Trent closed 1.24% lower at Rs 7,063.75 apiece on the NSE, compared to a 1.27% decline in the benchmark Nifty 50.
The stock had risen 131.22% on a year-to-date basis and 221.59% over the past 12 months.
Thirteen out of the 21 analysts tracking the company have a "buy" rating on the stock, four suggest a "hold" and as many recommend a "sell", according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential downside of 4.7%.
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