SBI picked up the equity shares via open market transactions at an average price of Rs 681 per share.
VRL Logistics’ shares are soaring high as the company witnessed a net gain of 3 per cent. This comes a day after SBI Mutual Funds stepped in with the decision to buy a 2.2 per cent equity stake in the company. On September 11, at open, the shares of the company were trading at Rs 713.45 on the NSE which were closed at Rs 720.10 at 3:30 PM.
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Reportedly, SBI Mutual Fund acquired 19.29 lakh equity shares or 2.2 per cent of paid-up equity in VRL Logistics. SBI picked up the equity shares via open market transactions at an average price of Rs 681 per share worth Rs 131.36 crore.
Anand Vijay Sankeshwar, one of the promoters of VRL Logistics, sold a 4 per cent stake in the company. He sold the stake at an average price of Rs 681.08 per share. The deal was fixed at a total amount of Rs 238.4 crore which was implemented on the BSE through bulk deals. On September 8, when the reports of the deal circulated, shares of VRL Logistics fell over 4 per cent. Then, SBI Mutual Fund picked up 19.3 lakh shares out of the 35 lakh shares sold by Anand Vijay Sankeshwar.
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The analysts at Emkay Global noted that large organised fleet operators such as VRL have been benefitting from bulk procurement of diesel directly from refineries, which is likely to aid gross margin expansion in Q2. They suggested that with the reduction in the threshold of GST e-invoicing leading to increased cost of compliance and flat freight rates, it is expected to see a shift towards organised, large fleet operators in road logistics in the near future.
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As per the shareholding data, the total promoter holding as of June 2023 stood at 64.24 per cent. Anand Vijay Sankeshwar had 35.43 per cent of the equity out of which he sold a 4 per cent stake.
For those unversed, VRL Logistics is a Karnataka-based company that offers a large variety of services related to logistics such as courier service, priority cargo, and transport of passengers by air.
