Shares of Netweb Technologies worth ₹459 crore were sold in a block deal on August 2, with four promoters likely being the sellers in the transaction. Approximately 20.5 lakh shares, representing a 3.64% stake in the company, changed hands on the exchanges. The deal was executed at an average price of ₹2,232 per share, implying a 1% discount from the previous close.
While the parties to the transaction remain unknown, CNBC-TV18 reported on August 1 that promoters Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha were planning to offload 20.54 lakh shares of the company, aiming for ₹ 447.90 crore. The four promoters held a total of 74.75 per cent in Netweb Technologies; out of which Sanjay Lodha had 29.9 percent, while Navin Lodha, Vivek Lodha and Niraj Lodha each had 14.95 percent.
Netweb Technologies has reported that net profit rose more than three times to ₹ 15.4 crore in the quarter ended June. Total income increased to ₹ 153.21 crore in Q1 FY25 from ₹ 60.2 crore in the year-ago period. “AI systems have become an important growth driver, significantly boosting our operating revenue. Its share rose to 14.6 percent this past quarter, marking a robust year-on-year growth of 146 percent,” said Sanjay Lodha, Chairman and Managing Director of Netweb Technologies.
The sale comes as a reflection of continuous interest and activity in the technology sector. Netweb Technologies can still maintain some of their strong financial performance and growth potentials, especially within their AI systems.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
