Trent Block Deal: Investor Siddhartha Yog Buys Stake Worth Rs 847 Crore
Yog, founding partner of Xander Group Inc., leads an investment firm that focuses on emerging markets and manages over $3 billion in assets.
(Image used for representational purpose. Source: Trent website)
Public shareholder Dodona Holdings offloaded a 0.31% stake in Trent Ltd. for Rs 847.2 crore through an open market transaction on Tuesday. Dodona Holdings exchanged 11.3 lakh shares with investor Siddhartha Yog for Rs 7,465 apiece, according to the block data on the National Stock Exchange.
As of September, Dodona Holdings owned a 3.01% stake in the company.
Yog, 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
Yog had acquired a 0.29% stake in the Tata Group retail firm for Rs 846.1 crore on Oct. 14. At that time, Dodona Holdings had sold 10.42 lakh shares at Rs 8,115 apiece.
In September, Yog 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 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 2.8% higher at Rs 7,497.35 apiece on the NSE, compared to a 1.17% decline in the benchmark Nifty 50. The stock has fallen 145.42% on a year-to-date basis and 268.21% over the past 12 months.
Thirteen out of the 21 analysts tracking the company have a 'buy' rating on the stock, four suggest 'hold' and as many recommend 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential downside of 10.2%.
