Anand Vijay Sankeshwar, one of the promoter entities in VRL Logistics, sold a 4 percent stake in the company at an average price of Rs 681.08 per share. The deal, which was valued at Rs 238.4 crore was executed on the BSE through bulk deals.

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Of the 35 lakh shares sold by Anand Vijay Sankeshwar, more than half, or 19.3 lakh shares were acquired by SBI Mutual Fund at an average price of Rs 681.

According to the shareholding data, total promoter holding as of June 2023 stood at 64.24 percent, of which, Anand Vijay Sankeshwar held 35.43 percent of the equity.

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Share of VRL Logistics slid half percent to close Friday’s session at Rs 706.75 on the BSE. The shares of the logistics company, which rose to their record high in July this year, have gained 30.50 percent so far this year. In contrast, the benchmark Sensex has gained about 10 percent during the same period.

In fact, promoter selling has been on the rise since the beginning of 2023. The market has witnessed record bulk deals since the start of the year, with unprecedented selling from promoters, private equity, and strategic investors. All three together have sold shares worth nearly $11 billion so far this year.

On Friday, the trading volume at the VRL Logistics counter was 22 times higher than its 20-day average. The company provides various goods transportation services, including general parcel and priority parcel delivery, courier, and full-truckload services through its transportation network.

Shares of VRL Logistics Ltd ended at Rs 706.75, down by Rs 3.55, or 0.50 percent on the BSE.