MapmyIndia Promoter Rakesh Verma To Offload 5 Lakh Shares Of Co

Geotech company MapmyIndia’s promoter and founder Rakesh Verma is reportedly selling 5 Lakh shares of the company through a block deal.

As per a CNBC-Awaaz report, the floor price of the deal is set at INR 2,293.2 per equity share, which implies a 5% discount to the stock’s last closing price of INR 2,416.1 on the BSE on Tuesday (June 25).

JM Financial is likely the broker for the block deal.

As per the BSE data, Verma held almost 2.32 Cr shares of MapmyIndia, or a 42.84% stake in the company, as of the quarter ended March 2024.

Promoters together hold a majority 52.91% stake in the company.

It is pertinent to note that the stock has been surging since last week. On June 21, shares of MapmyIndia touched an all-time high at INR 2,745.05 after Goldman Sachs projected a 40% upside to its share price from the INR 2,000 level.

The brokerage, in its initiation note, also rated the stock with ‘buy’.

Goldman Sachs believes that the company will benefit from an early-leadership position in fast-growth end-markets, including automotive navigation, mapping devices, connected vehicles, telematics, and government digitisation.

From pickup in navigation systems attach rates from the EV growth tailwinds in India and use of drone technology from Indrones investment to enrich maps and DaaS business to the contribution from the integration of KOGO’s platform with its Mappls App, the brokerage sees multiple growth levers for the company.

MapmyIndia shares have gained over 24% year to date. 

Meanwhile, earlier this week, MapmyIndia founders Rakesh Verma and Rashmi Verma announced the launch of a new AI venture ClarityX, in partnership with MapmyIndia, to offer insights and real-time data to enterprises for making efficient decisions.