Block Deals, June 4: Four large transactions worth ₹3,480 crore likely today; Tata Tech, Alkem Labs on the list

Tata Technologies

According to a report by CNBC-TV18, TPG Rise will likely sell its entire 2% stake (85.16 lakh shares) in the Tata Group firm worth ₹635 crore via block deals today.

The floor price for the same has been fixed at ₹744.5 per share, which is a 3% discount to Tuesday's closing price.

Bank of America (BofA) will be the broker to the deal, the report added.

Aditya Birla Fashion and Retail (ABFRL)

As per reports, Flipkart is set to sell shares worth nearly ₹600 crore tomorrow. The floor price has been fixed at ₹80 per share, a 7% discount to the last traded price.

Goldman Sachs is reported to act as the broker to the deal.

Indegene

News reports say that CA Dawn will sell a 10.2% stake, or 2.44 crore shares, in the company worth ₹1,420 crore via block deals today.

The floor price is set at ₹580 per share, a 6.4% discount to the last traded price.

Indegene provides research and commercialisation services to biopharmaceutical and healthcare enterprises.

Alkem Laboratories

Reports say that the company's promoter, Jayanti Sinha, will sell a 1.42% stake via a block deal today. The deal will be worth ₹825 crore.

The floor price for the deal has been fixed at ₹4,850, a 3% discount to Tuesday's closing price.

It's raining block deals on D-Street

There has been a sharp spike in block and bulk deals on D-Street of late. On Tuesday itself (June 3), four large transactions took place. The combined deal size was estimated to be ₹5,500 crore. The shares that witnessed block deals were YES Bank, Aptus Value Housing Finance, Ola Electric Mobility and Zinka Logistics.

Data showed that South Korean automaker Hyundai Motor Company on Tuesday exited Ola Electric Mobility by selling its entire 2.47% stake in the company for ₹552 crore through an open market transaction.

According to the bulk deal data available on the NSE, Hyundai Motor Company sold more than 10.88 crore shares, or a 2.47% stake, in Bengaluru-based Ola Electric Mobility.

The shares were disposed of at an average price of ₹50.70 apiece, taking the transaction value to ₹551.96 crore.

In a separate transaction, Kia Corporation, a part of the global Hyundai-Kia Automotive Group, also offloaded over 2.71 crore shares, representing a 0.62% stake in the company.

According to a Bloomberg report, a spate of block trades has pushed India’s cash equity trading value to a nearly seven-month high.

Daily turnover has reached almost $14 billion, the highest since early November, according to data compiled by Bloomberg. The revival follows a drop to below $11 billion in early March, when significant foreign fund outflows pushed local shares to multi-month lows, the report said.