Map My India shares drop 4%, as promoters plan to offload shares

According to a corporate filing with the BSE, Rakesh Kumar Verma, Chairman and Managing Director of the company, informed the Exchange of its intention to sell up to 5,00,000 equity shares via bulk or block deals on the stock exchanges, which is less than 1% of paid-up capital of the company.

“On a post-sale basis, the Promoter Group will continue to have a 51.9% stake in CE Info Systems Limited. The promoters are committed to the growth and success of the company, and have no intention of selling any further shares,” the exchange filing said.

Rakesh Verma, indicated that the shares have been sold to facilitate philanthropy; “investing in startup companies as per his passion and commitment to an Aatmanirbhar, Sarvottam Bharat. To continue to do so, this is the first time he is providing liquidity since IPO,” the exchange filing said.

As of the quarter ended March 2024, Verma held a 42.84% stake in the company, which has a market capitalization slipped to ₹12,450 crore.

The stock rose to a 52-week high of ₹2745 and hit a 52-week low of ₹1176 on July 5, 2023.

CE Info Systems provides digital map data, GPS navigation, location-based services, software, and customisation of its products to customers (combined) through royalty, annuity, and subscription.