Singer India zooms 43% after promoter offloads 22% stake via block deals

Rare Investments, the investment arm of late Rakesh Jhunjhunwala acquired 4.25 million equity shares or 7.91 per cent stake in Singer India on Tuesday, showed block deal data

Shares of Singer India have rallied 19 per cent to Rs 82.50 on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. The stock of the household appliances company has zoomed 43 per cent in the past two trading sessions after its promoter offloaded 22 per cent stake in the company via open market deals.

On Tuesday, August 16, 2022, Retail Holdings (India) B.V, the promoter of Singer India sold 12 million equity shares representing 22.34 per cent stake in the company for Rs 64.25 crore. The promoter offloaded shares at price of Rs 53.54 on