Shares of Uno Minda are down close to a percent on Friday after 2.6 percent of the company's equity exchanged hands in a large transaction.

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A total of 74.1 lakh shares worth Rs 447 crore exchanged hands in the block deal as per data available on the exchanges.

Buyers and sellers in the block deal are unknown.

CNBC-TV18 had reported earlier this morning that Uno Minda's promoters were looking to sell some stake in the open market.

Promoters of the auto components manufacturer were looking to sell up to 2 percent stake in the company through block deals.

The base issue comprised of 71.6 lakh shares or 1.25 percent of the total equity with a greenshoe option of another 42.97 lakh shares or 0.75 percent of the total equity, as per the documents accessed by CNBC-TV18.

Floor price of the deal is said to be Rs 602 per share, which is marginally lower than Thursday's closing price of Rs 605 for Uno Minda. At the floor price, the transaction would be valued at Rs 258.7 crore.

Based on the June quarter shareholding pattern, promoters of Uno Minda had a 70.05 percent stake in the company.

Uno Minda's block deal is the third such announcement of the day. Antfin sold 3.6 percent stake in Paytm through a block deal, while the other block deal took place in Amber Enterprises.

Shares of Uno Minda have risen 16 percent so far in 2023. When we look at 12-month returns, the stock has risen 7.5 percent. The stock is currently trading 1 percent lower at Rs 599.75.

(Edited by : Hormaz Fatakia)

First Published:Aug 25, 2023 8:09 AM IST