On August 8, shares worth ₹236 crore of Protean eGov Tech were sold in a block deal, with Standard Chartered Bank likely being the seller. Approximately 12 lakh shares, representing a 3.2 percent stake in the IT solutions provider, changed hands at a floor price of ₹1,805 per share, which is a 3 percent discount from the previous close.
Following this transaction, Protean eGov’s shares dropped over 4 percent to ₹1,791.20 on the NSE. While the exact parties involved in the deal were not immediately confirmed, CNBC-TV18 reported that Standard Chartered Bank aimed to sell its entire 3.09 percent stake in the company, raising ₹221.90 crore.
For the April-June quarter, Protean eGov Tech reported a decline in both total sales and net profit. Net sales fell by 11 percent to ₹196.54 crore from ₹220.41 crore a year ago, and the net profit decreased by 34.5 percent to ₹21.09 crore from ₹32.21 crore in the same period last year.
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Source: Moneycontrol
News Desk
