On Wednesday, around 6.1 Lakh shares, equivalent to 1.1% equity worth INR 142.6 Cr, of CE Info Systems were traded at INR 2,332 per share
MapMyIndia CMD and cofounder Rakesh Kumar Verma said he sold the shares for philanthropy and the promoters have no intention of selling any further shares
On June 21, shares of MapmyIndia touched an all-time high at INR 2,745.05 after Goldman Sachs projected a 40% upside to its share price
Shares of C.E. Info Systems, the parent company of MapmyIndia, plunged over 6% during Wednesday’s (June 26) trading session amid reports of a block deal.
MapmyIndia
shares touched a low of INR 2271 on Wednesday, as compared to INR 2416.10 at its previous close. The shares were trading at INR 2297.95 at 11:40 AM on Wednesday.
On Wednesday, around 6.1 Lakh shares, equivalent to 1.1% equity worth INR 142.6 Cr, of CE Info Systems were traded at INR 2,332 per share.
“I have been doing philanthropy and investing in startup companies as per my commitment to an Aatmanirbhar, Sarvottam Bharat. I want to continue to do so and for that this is the first time I am raising funds as a public company promoter, including during the time of the IPO wherein I had not sold shares. This represents less than 1% of shares,” MapmyIndia’s CMD and cofounder Rakesh Kumar Verma said, as per a CNBC report.
He also added that the promoters have no intention of selling any further shares.
It was reported on Tuesday that Verma was selling 5 Lakh shares of the company through a block deal. As per the BSE data, Verma held almost 2.32 Cr shares of MapmyIndia, or a 42.84% stake in the company, as of the quarter ended March 2024.
On June 21, shares of MapmyIndia touched an all-time high at INR 2,745.05 after Goldman Sachs projected a 40% upside to its share price from the INR 2,000 level.
The brokerage, in its initiation note, also rated the stock with ‘buy’.
Goldman Sachs believes that the company will benefit from an early-leadership position in fast-growth end-markets, including automotive navigation, mapping devices, connected vehicles, telematics and government digitisation.
MapmyIndia’s consolidated profit after tax (PAT) surged by 35% in the March quarter of FY24 to INR 38.2 Cr, from INR 28.3 Cr it had posted in the same period a year ago. On a quarterly basis, the startup’s net profit surged by 23.2%, as compared to INR 31.04 Cr it had posted in the December quarter.
The startup’s operating revenue increased to INR 106.9 Cr in Q4 FY24, a 47.5% higher than INR 72.4 Cr in Q4 FY23. On a quarterly basis, its operating revenue increased by 16%, from INR 92 Cr in the previous quarter.
