Morgan Stanley sells stake in Elein Electronics after weak listing
After weak flat listing and further slide in of Elin Electronics shares on Friday, big investment firms like Morgan Stanley Asia (Singapore), Societe General and Copthall Mauritius Investment have offloaded their respective shareholding in the company. As per the bulk deals detail available on the official website of NSE, Morgan Stanley Asia (Singapore) has sold out 5 lakh Elin Electronics shares whereas Societe Generale sold out 3,37,897 Elin Electronics shares. Mauritius-based foreign institutional investor (FII) Copthall Mauritius Investment also sold out 5,42,828 Elin Electronics shares in a bulk deal executed on Friday, 30th December 2022. These foreign funding agencies sold out their shares after weak listing of Elin Electronics shares on BSE and NSE.
As per the NSE bulk deals, Morgan Stanley Asia (Singapore) sold out 5 lakh company shares at ₹231.60 per share. This means the FII sold out Elin Electronics shares worth ₹11.58 crore on Friday in a bulk deal executed on 30th December 2022.
Likewise, Mauritius-based foreign agency Copthall Mauritius Investment sold out 5,42,828 Elin Electronics shares. The FII sold out these shares at a price of ₹231.42 apiece. This means, the FII sold out Elin Electronics shares worth ₹12,56,21,255.76 or ₹12.56 crore.
Similarly, Societe Generale — a French-based multinational financial services company — also sold out 3,37,897 Elin Electronics shares at a price of ₹234.27 apiece levels. This means the European leader in financial services sold out Elin Electronics shares worth ₹7,91,59,130.19 or ₹7.91 crore in a bulk deal executed on Friday last week.
Elin Electronics shares made a flat debut on Friday at around 1 per cent discount. But the scrip fell further and finished at ₹227.80 apiece on BSE and at ₹227.65 on NSE. Elin Electronics share price fell further today as it made intraday low of ₹225.60 on NSE today.
Elin Electronics shares were offered at a price band of ₹234 to ₹247 per equity share. The public issued listed on NSE at ₹244 while on BSE it listed at ₹243 per equity share, around one per cent lower from its price band.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.