Sri Lotus Developers shares surge 3% after Capital Group buys 2% stake
Capital International acquired a nearly 2% stake in Sri Lotus Developers, driving the stock to a new five-year high.
Shares of Sri Lotus Developers and Realty rose 3% on Friday, reaching a fresh 52-week high price of Rs 215 apiece. Capital Group's fund purchased a stake representing nearly 2% of the company through an open-market transaction. The deal facilitated promoter Anand Kamalnayan Pandit, who sold 97.70 lakh shares at Rs 199.90 per unit. This sale reduced his individual holding from 81.87% to 79.87% while complying with public shareholding regulations. Sri Lotus Developers stated the transaction aimed to broaden the company's public shareholder base. The stock originally debuted in August at Rs 178, trading above its initial IPO price of Rs 196 following the company's Rs 792 crore fresh issue.
