One of the promoters of Amber sold 2.75 lakh shares or 0.87% of the equity for ₹50.64
Amber plans to use the proceeds from the QIP for repayment of debt
Mumbai: Singapore based private equity firm ADV Partners on Friday sold a 10.46% stake in Amber Enterprises Ltd for ₹604 crore through open market transactions.
As per the bulk deal data on NSE, 32.9 lakh shares or 10.46% of equity of Amber Enterprises were sold by Ascent Investment Holdings PTE, a unit of ADV Partners, at an average price of ₹1,835.93 per share aggregating to ₹603.80 crore.
Before the transaction, ADV Partners held 20.9% shares of the company.
In another transaction, one of the promoters of Amber sold 2.75 lakh shares or 0.87% of the equity for ₹50.64.
Shares of Amber Enterprises lost 6.97% to close at ₹1,767.85 on Friday, on NSE, while the benchmark index Nifty gained 0.13% to close at 11,464.45 points.
Among buyers, Newport Asia Partners fund bought 3.96 lakh share at ₹1,839.48 worth ₹72.81 crore, Oxbow Master Fund Ltd bought 4.18 lakh shares at ₹1835.03 per share to ₹76.72 crore and Vittoria Fund - OC L.P bought 1.62 lakh shares at ₹1,835.03 per share to ₹29.76 crore.
From the beginning of the year, Amber Enterprises gained 58.44% against a drop of 5.79% in the benchmark index, Nifty. From April lows, the stock gained 76.19%, while Nifty was up 27.47%.
The secondary sale of shares by the PE firm and the promoter follows the qualified institutional placement (QIP) offering launched on Monday, through which the company has raised ₹400 crore.