Jyoti CNC Automation share price declines 4% on news flow around large block deal

Stock Market Today: Jyoti CNC Automation share price declined more than 4% in the morning trade on Monday, June 30, amid a likely trade deal on the counter, wherein over 6% of the equity changed hands.

Jyoti CNC Automation Block Deal

Multiple reports suggested that around 6.06% equity, or 1.37 crore shares of Jyoti CNC Automation, was traded through the block deal route for ₹1,499 crore. According to the news report, Jyoti CNC shares exchanged hands at ₹1,087 per share, a 3.7% discount to Friday's closing price of ₹1124 apiece.

As per CNBC-TV18 on Friday, a certain non-promoter shareholder of Jyoti CNC was set to divest a 6% stake in the company through block deals, with the total deal size pegged at ₹1,542 crore.

In the context of the same news, CNBC-TV18 on Monday said, based on available data, the block deal involved the transfer of up to 1.37 crore shares of the company. The quantity of shares that were exchanged represents a 6.06% of Jyoti CNC's total outstanding stock.

Jyoti CNC Automation—Other developments

As per the recent disclosures by the company referring to the circular issued by SEBI in respect of raising of funds by issuance of debt securities by large corporations, Jyoti CNC Automation said that outstanding long-term borrowings at the start of the financial year stood at ₹2.57 crore, while outstanding long-term borrowings at the end of the financial year stood at just ₹0.22 crore. 

The company thereby had reduced outstanding long-term borrowings by ₹2.35 crore during the financial year gone by.

Jyoti CNC Automation share price movement

Jyoti CNC Automation's share price opened at ₹1,124, almost flat compared to the previous day's closing price. Jyoti CNC Automation share, however, dipped to intraday lows of ₹1,076.60 on the BSE on Monday, which meant a decline of more than 4% during the intraday trade.

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