Prudent Corporate Promoters Sell Stake for Rs 251 Crore, Societe Generale Acquires Shares

The promoters of Prudent Corporate Advisory Services sold a 2.47% stake for Rs 251 crore in open market transactions. Societe Generale acquired a portion of these shares. Other notable transactions included Bandhan Mutual Fund purchasing Ethos shares and Societe Generale, alongside BofA Securities, buying shares in Shriram Finance.

Promoters of Prudent Corporate Advisory Services sold a 2.47 per cent stake in the company for Rs 251 crore through open market transactions on Monday. Societe Generale acquired a portion of these shares.

According to bulk deal data from the National Stock Exchange (NSE), promoters Rameshchandra Chimanlal Shah and Sanjay Rameshchandra Shah offloaded 10.24 lakh shares, amounting to a 2.47 per cent stake in Prudent Corporate. The shares were sold in the price range of Rs 2,450.05-2,450 each, bringing the total transaction value to Rs 251.04 crore.

After the transaction, Rameshchandra Chimanlal Shah exited Prudent Corporate by selling 6.12 lakh shares, while Sanjay Shah's stake was reduced to 42.37 per cent from 43.36 per cent. Meanwhile, Societe Generale acquired 2.75 lakh shares, or a 0.6 per cent stake, in the company. The shares were purchased at the same price, valuing the deal at Rs 67.37 crore.

Other noteworthy transactions included Bandhan Mutual Fund purchasing 3 lakh shares of luxury watch retailer Ethos for Rs 100 crore and Societe Generale, along with BofA Securities, buying 5.92 lakh shares of Shriram Finance for Rs 176 crore. Shares of Prudent Corporate and Ethos saw declines, while Shriram Finance shares appreciated on the NSE.

(With inputs from agencies.)