Societe Generale Offloads ArisInfra Shares Worth INR 19 Cr

SUMMARY

The European financial services group dumped almost its entire stake in the company via block deal on June 25, selling 10.22 Lakh shares at INR 184.81 apiece

Besides, Citigroup's subsidiary Citigroup Global Markets Mauritius sold 5.41 Lakh shares at INR 183.73 for INR 9.93 Cr bulk deal

Nova Global's Nova Global Opportunities Fund PCC- Touchstone sold 5.22 Lakh shares at INR 205 apiece, raking in INR 10.71 Cr from the deal

Shortly after a poor listing, B2B construction marketplace ArisInfra saw a flurry of bulk and block deals. Prominently, European financial services group Societe Generale dumped almost its entire stake in the company via block deal on June 25, selling 10.22 Lakh shares at INR 184.81 apiece.

The investor raked in INR 18.9 Cr from the deal.

Societe Generale held 10.65 Lakh equity shares or 1.31% stake in the company a couple of days prior to its listing (on June 23), as per BSE data.

Citigroup’s subsidiary Citigroup Global Markets Mauritius sold 5.41 Lakh shares at INR 183.73 for INR 9.93 Cr bulk deal.

Meanwhile, Nova Global’s Nova Global Opportunities Fund PCC- Touchstone sold 5.22 Lakh shares at INR 205 apiece, raking in INR 10.71 Cr from the deal.

Important to mention that ArisInfra’s listing price on the NSE, the stock exchange where the aforementioned deal took place, was INR 205, implying that the investor laid off the stake immediately post its listing.

ArisInfra also became the second new-age tech company to list on the bourses this year, making an underwhelming public debut. It raised close to INR 500 Cr from its IPO, which consisted solely of a fresh issue of shares.

The company’s investors Sunrise Investment Trust, Winro, Think Investments, among others, didn’t lay off any of their stake in the company via the IPO.

On June 25, the company’s shares opened at the BSE at INR 209, a 6% discount from its IPO price of INR 222. Its shares ended the trading session at INR 174.10 on the BSE, down 21.6% from the issue price of INR 222. Since listing, ArisInfra’s shares have touched a low of INR 171.50 during intraday trading yesterday.

However, the company’s shares are seeing a better investor response on its second day of trading. At 2 PM, ArisInfra’s shares were trading up 2.27% from previous close at INR 178.05.

Important to keep in mind that the broader market is seeing a significant rally today, with the Sensex zooming as much as 1.1% to 83,661.97 and the Nifty 50 up about 1% at 25,491.75 at the time of publishing this story.