VRL Logistics promoter pares 4% stake for Rs 238 crore

Promoter VRL Logistics Ltd on Friday sold 4% stake in the transport and logistics company for Rs 238 crore through an open market transaction.
After the stake sale, shares of VRL Logistics fell 0.50 per cent to close at Rs 706.75 per share on the BSE. According to aggregated trading data available with BSE, Anand Vijay Sankeshwar, one of the founders of VRL Logistics, has divested 35 lakh shares, representing 4% stake in the company. The stock was sold at an average price of Rs 681.08 per share, taking the transaction value to Rs 238.38 crore. Post the transaction, Sankeshwar’s stake has decreased from 35.43% to 31.43%. The combined shareholding of the promoter group and promoter group also decreased from 64.24% to 60.24%. Meanwhile, SBI Mutual Fund on Friday bought back 19.29 lakh shares of VRL Logistics in two tranches at an average price of Rs 681 a piece. This took the transaction value to Rs 131.36 crore.