Company promoters sell shares worth ₹13,000 cr this August
Company promoters have sold shares worth ₹13,000 crore this August, making the most of upbeat market vibes.
Even though Sensex and Nifty dipped on August 26, major block deals kept rolling: over ₹6,900 crore swapped hands in just five big stocks.
Notably, Billionbrains Garage Ventures (BGV), Groww's parent, saw a large block trade; existing investor Ribbit Capital was the seller.
Billionbrains Garage Ventures deal ₹2,500 cr
On August 26, shares changed hands in Groww parent Billionbrains Garage Ventures, where around 12.74 crore shares (2.1% equity) for ₹2,500 crore at ₹196.2 each, this nudged their stock price down by 3.33% to ₹196.24.
Just a day earlier, Ribbit Capital had launched a block deal to offload a 1.6% stake at a floor price of ₹195 per share for around ₹1,914 crore.
By August 25, total bulk deal sales soared to over ₹59,433 crore this month; promoters alone made up about 20.9% of that figure, a huge jump from July. Big names like Welspun Corp and PhysicsWallah also joined the action.
Analysts say these sales are all about locking in gains from recent rallies, not signs of trouble for these companies.