Promoter sells 12% stake in Voltamp Transformers via bulk deal for Rs 562 cr; marquee funds buy
Voltamp Transformers through bulk deals on Tuesday.
Patel has sold about 12.14 lakh shares or 12% stake in the smallcap company, according to exchange data. The transaction, which was done at Rs 4,633 apiece, was valued at Rs 562 crore.
At the end of June quarter, Patel held about 49.8% stake in the company.
Meanwhile, marquee funds including Kotak Mahindra MF, Societe Generale, Nordea 1 Sicav among others picked up stake in the company.
Voltamp Transformers is majority owned by public shareholders after the stake sale by the promoter. As of June end, the ratio was 50:50 towards public-promoter shareholding.
Among the public shareholders, mutual funds have a significant holding with 25.4% stake, while foreign investors own about 13%.
Voltamp Transformers is a Vadodara-based company with an installed facility to manufacture oil filled power and distribution transformers up to 160 MVA, 220 KV class, resin impregnated dry type Transformers up to 5 MVA, 11 KV class and cast resin dry type transformers up to 12.5 MVA, 33 KV class.
The company caters to customers across segments including government and semi-government projects, refineries, fertilizer plants, power sector, pharma among others.
On Tuesday, its shares closed 5.39% lower at Rs 4,663 on NSE.
In the first quarter, the company reported strong quarterly performance with revenue growth of 19% YoY, volume growth of 15% YoY and EBITDA margin expansion of 147 bps YoY to 14.9%.
Brokerage Prabhudas Lilladher said it remains positive on the company considering its strong market position in industrial transformers, robust business model, debt free balance sheet, consistent free cash flow generation, and healthy enquiry pipeline.
