Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala, sold another 3.4% stake in BSE-listed Bilcare Limited through a bulk deal on Tuesday.
Jhunjhunwala had sold 0.5% stake through open market transactions on Monday.
According to the data on the exchange, Jhunjhunwala sold 7,94,431 shares of Bilcare on Tuesday at Rs 46 apiece. This is at a significant 10% premium to Monday’s closing price of Rs 41.90. The stock settled at Rs 46 on the BSE, up 10% from the previous close.
Sale of the stake fetched Rs 3.65 crore for the Jhunjhunwala family.
In a separate transaction, individual investor Vara Lakshmi Guttikonda bought 3.5% stake in the company at Rs 45.88 apiece.
Jhunjhunwala’s name does not appear in the September quarter shareholding on the BSE. But as per the June quarter shareholding data, Jhunjhunwalas are the single-largest public shareholders in the packaging solutions provider.
Bilcare is a global leader in providing packaging material solutions for the pharmaceutical industry.
As of June-end, Rakesh and Rekha Jhunjhunwala together held 8.48% stake in the company. Jhunjhunwalas have been investors in the company since 2015.
The stock has been a major laggard in 2022. Its value has more than halved last year and it hit an over two-year low of Rs 31.10 in December.
For the quarter ended September, the company reported a 42% year-on-year (YoY) rise in revenue to Rs 151 crore. However, it posted a net loss of Rs 6.8 crore against a profit of Rs 22 crore in the year-ago period.
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