IDFC Bank shares close lower on account of block deal

Around 2.35 million shares of Bharat Forge changed hands in a block deal while 80.40 million shares of IDFC Bank were transferred in two separate block deals


IDFC Bank Ltd closed 3.45% at Rs 68.60 against the previous session’s closing of Rs71.05. Photo: Mint
IDFC Bank Ltd closed 3.45% at Rs 68.60 against the previous session’s closing of Rs71.05. Photo: Mint

Mumbai: Shares of IDFC Bank Ltd and Bharat Forge Ltd on Wednesday witnessed a series of block deal, Bloomberg reported. Details of buyers and sellers were not available.

In a separate block deals, both the stocks opened sharply lower. Bharat Forge Ltd fell as much as 1.94% to trade at Rs 884.15 against the previous session’s closing of Rs901.65. The stock was trading lower for the fourth session. So far this year it gained just 0.2%.

IDFC Bank Ltd closed 3.45% at Rs 68.60 against the previous session’s closing of Rs71.05. Bharat Forge Ltd scrip, however, bounced back towards the end of the day to close 0.33% higher at Rs904.6.

According to Bloomberg, around 2.35 million shares of Bharat Forge changed hands in a block deal while 80.40 million shares of IDFC Bank have been transferred in two separate block deals.

On Wednesday, Bloomberg reported that the promoters of Bharat Forge Ltd, Sundaram Trading & Investment will sell upto 2.30 million shares. Citigroup will be the sold book runner to the deal. As of September quarter, Sundaram Trading & Investments holds 12.85% stake in Bharat Forge.

In another news, Bloomberg said that the Sipadan Investments will sell 80.4 million shares in IDFC Bank at price band of Rs 68.25-71.10 a share for around Rs 572 crore. UBS Securities India is the sole book runner for the issue.

As of September quarter, Sipadan Investments holds 2.67% stake or 90.63 million shares in IDFC Bank.

READ MORE