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.
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.
Amber plans to use the proceeds from the QIP for repayment of debt, funding capital expenditure, working capital requirements and for making strategic acquisitions or joint ventures.
This article was first published on livemint.com.