Overview
- Promoter families executed a sale planned for up to 24% of equity, or about 2.5 crore shares, with a floor price of Rs 1,030 per share at roughly a 13% discount.
- Volumes surged as over 6 crore shares changed hands in block deals and about 9 crore traded overall, driving a near 9% intraday drop to a 52-week low before a late recovery.
- Clean Science told exchanges that Spark Institutional Equities placed sell orders for a significantly higher quantity than the promoters had authorised.
- Avendus Spark said it is reviewing the incident and, according to NDTV Profit, bought back the excess shares; the stock closed down 2.76% at Rs 1,148.55.
- The promoter group previously held about 74.9%, had flagged a minority dilution for family estate planning, and the term sheet includes a three-year lock-up with limited carve-outs.