DB Corp has just seen promoters sell big chunks of their stake. On April 9, they sold about 10% of the (unpledged) stake they owned, for about Rs. 159.6 cr.
(Note: the Total Holding and subsequent columns refer to the shareholding BEFORE this transaction)
As a total of the company’s stock, this is only about 3% of the outstanding shares. Promoters, before this transaction, owned 74.94% of the company. Now they’ll own about 72%.
DB Corp is a media company that publishes newspapers (Dainik Bhaskar, Divya Bhaskar etc.) and runs FM Radio channels.
It’s a little strange that just before the massive election madness, when media companies would earn their most revenue, that promoters would sell their stake, especially when the stock’s off the highs it made recently. And only promoter has sold about 30% of his unpledged stake.
At the same time, HDFC Infrastructure Fund has bought 10 lakh shares for Rs. 295.
Promoter sales are not usually a big deal and sometimes help them get liquidity. But the size of this deal - Rs. 160 cr. - makes one wonder why they’re selling all this much at this time. The stock closed today at Rs. 291, marginally below where the promoters sold.
Tags: DB Corp