Voltamp Transformers block deal: Promoter Kunjal L Patel sells 7.8% stake for nearly ₹600 crore; check details

According to the bulk deal data on the NSE, Kunjal L Patel offloaded a little over 7.88 lakh shares, representing a 7.8% stake in Vadodara-based Voltamp Transformers.

The shares were disposed of at an average price of ₹7,605.91 apiece, taking the transaction value to ₹599.87 crore.

After the latest transaction, Patel's holding in Voltamp Transformers has come down to 30.01% from 37.80%.

Meanwhile, the Prudential Assurance Company, Bajaj Allianz Life Insurance, Aditya Birla Life Insurance and Citigroup Global Markets Mauritius bought more than 4.77 lakh equity shares, or a 4.72% stake, in Voltamp Transformers.

Prudential Assurance Company Singapore is an indirect wholly-owned subsidiary of UK-based Prudential plc.

The combined transaction value was around ₹363.34 crore and was executed in a price range of ₹7,604.62-7,605 per share, as per the data on the National Stock Exchange (NSE).

Details of the other buyers of Voltamp Transformers' shares could not be ascertained on the exchange.

Shares of Voltamp Transformers ended 3.47% lower at ₹7,508 apiece on the NSE.

About Voltamp Transformers

Voltamp Transformers is engaged in the manufacturing of electrical transformers. The company designs and manufactures power and distribution as well as dry-type vacuum pressure impregnated (VPI) and cast resin transformers.

It is engaged in the manufacturing and supplying of oil-filled transformers, cast resin transformers, unitised substations, induction furnace transformers, lighting transformers, and ring main units and also provides after-sales service relating to transformers.

The company serves various industries, including utility, transportation and infrastructure, data centres, electronics, food and beverage, gas and chemicals, cement and mining and metals.

Voltamp Transformers Q1 Result

The company posted a muted performance for the June quarter, reporting a nearly flat net profit of ₹79.5 crore. The company experienced some pressure on the top line amid billing and execution delays, according to a report by CNBC-TV18.

Revenue fell 1.1% year-on-year to ₹423.6 crore. EBITDA also dipped 2.8% to ₹72.7 crore, with margins narrowing slightly to 17.2% from 17.5% in the same quarter last year, reflecting softer operating efficiency.

The company attributed a revenue shortfall of ₹47 crore during the quarter to delayed invoicing, primarily due to heavy rainfall affecting customer project sites and land or regulatory issues faced by solar sector clients, the CNBC-TV18 report added.