Metro Brands Promoters Pare Stake, Attracts Mutual Fund Giants

Five promoters of Metro Brands Ltd have sold a 2.19% stake for Rs 749 crore. The shares were acquired by Kotak Mahindra MF and Citigroup Global Markets Mauritius. This transaction decreased the promoters' holding to 71.96% from 74.15%. The share price dropped by 2.48% on the NSE.

In a significant transaction on Friday, five promoters of Metro Brands Ltd offloaded a 2.19% stake in the company for Rs 749 crore through an open market sale. The shares found buyers in Kotak Mahindra Mutual Fund and Citigroup Global Markets Mauritius, among others.

According to data from the National Stock Exchange (NSE), Alisha Rafique Malik, Farah Malik Bhanji, Sabina Malik Hadi, Zarah Rafique Malik, and Zia Malik Lalji sold a total of 59.50 lakh shares at an average price of Rs 1,260 each, amounting to the total sale value of Rs 749.70 crore.

This sale reduced the collective shareholding of promoters in Metro Brands from 74.15% to 71.96%. Post-transaction, the stock price of Metro Brands fell by 2.48%, closing at Rs 1,238.50 on the NSE.

(With inputs from agencies.)