Mauritius-based FID Fund has sold its entire holding in Mumbai-based IT solutions provider, Geometric Software Ltd, where the Godrej group holds a 31.64 per cent stake.
FID sold its 9.2 per cent stake in the company at Rs 43.50 per share in a block deal on the BSE on Friday.
The total transaction amounted to Rs 24.83 crore. Financial institutions like FID and private investors hold the rest of the shares in the company.
Shares of Geometric closed at Rs 52.60, up 14.10 per cent, or Rs 6.50, on the BSE on Friday. Based on which, the company's market capitalisation stands at Rs 326.67 crore. However, the benchmark Sensex was down 619.6 points, or 4.30 per cent, to close at 13,802.22 points.
It was purely an investment exit as far as the Mauritius fund was concerned, said a Mumbai-based merchant banker advising foreign institutional investors. Geometric Software provides global engineering services and product life-cycle management solutions.