As many as 20 lakh shares of Zen Technologies changed hands in the block deal, which took place in the early minutes of trade on Tuesday.
The number of shares that changed hands, amount to 2.5% of the total outstanding equity of the company, according to data available.
Shares changed hands at an average price of ₹1,800 per share, which implies the total value of the entire transaction to be ₹386 crore.
Zen Technologies had raised over ₹1,000 crore through an institutional share sale (QIP) in August this year. The issue was subscribed over five times.
The management had told CNBC-TV18 back then that it planned on using part of the QIP proceeds for acquisitions.
“We are looking at 2-3 acquisitions. The size of the acquisition we are looking for is between ₹100 crore and ₹250 crore. We are focusing on both the simulation market and the anti-drone systems (ADS) market as we are looking to strengthen ourselves in both segments,” Ashok Atluri, CMD of Zen Technologies told CNBC-TV18.
As per the September shareholding pattern, promoters of Zen Technologies had a 51% stake in the company. India’s Mutual Funds had a 4.55% stake, while Foreign Portfolio Investors had a 5.7% stake in the company.
Shares of Zen Technologies are trading 5.2% lower on Tuesday at ₹1,813. The stock has risen 130% so far in 2024.
