Rakesh Jhunjhunwala, an ace stockbroker along with his wife Rekha Jhunjhunwala has exited Zen Technologies by selling their 10.14% stake in the company. Rakesh and his wife Rekha sold 4.5 lakh shares each at an average price of Rs 70 a piece amounting to Rs 6.3 crore.
Zen Technologies bought 8.92 lakh shares and the transaction appears to be part of the company’s offer to buy back its shares. The buyback offer opened on May 9 and will close on October 25 or an exhaustion of the amount of Rs 10 crore earmarked for the purpose. The promoters of Zen Technologies currently hold a majority stake of 51.67% in the company and post buyback their holding would increase to 63.01%. Accordingly, the holding of others including the financial institutions and public will come down from 48.33% to 36.99%.
Zen Technologies, a Hyderabad based company is a pioneer in the design, development and manufacture of world class, state-of-the-art training simulators.
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