Block Deal: First the block deal happened and then the stocks ran away, closed on the upper circuit

News Topical, Digital Desk : Block Deal: Abu Dhabi Investment Authority (ADIA), the major shareholder in payment solutions provider One Mobikwik Systems Ltd, has sold its stake in the company through a block deal on September 1. This deal has been done as per official data. After this deal, Mobikwik shares rose 5% in early trading on September 2. The stock witnessed such a surge that the stock closed with an upper circuit. In today's trading session, the stock remained in an upper circuit from 3:15 pm to 3:30 pm.

According to block deal data available on the National Stock Exchange (NSE), Abu Dhabi Investment Authority sold 16.44 lakh equity shares of Mobikwik at an average price of ₹238.45 per share. The total value of this block deal was ₹39.21 crore. The shares sold by Abu Dhabi Investment Authority represent 2.1% of the total issued equity of the company. As per the June quarter shareholding pattern, ADIA held a 2.1% stake in Mobikwik.

Apart from ADIA, Peak XV Partners (9.92%), Cisco Systems (1.54%) and American Express Travel Related Services Company Inc. (1.34%) are some of the other public shareholders of Mobikwik. As per the June quarter, foreign portfolio investors such as Government Pension Fund Global (3.01%), Societe Generale (1.2%), Citigroup Global Markets (1.12%) hold stake in Mobikwik. As of June 30, 1.84 lakh small retail shareholders, who have an authorized share capital of up to ₹ 2 lakh, held a 28.1% stake in the company. Stock surges On Tuesday, Mobikwik shares hit an upper circuit. The stock closed at ₹ 284.89. On Monday, the stock gained 15% and made an intraday high of ₹ 255, but eventually recovered and closed 8.1% higher at ₹ 237.74. Despite this, the stock is still below its IPO price of ₹ 278 and is trading 65% below its post-listing high of ₹ 698.
 

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