Managing Director of MapMyIndia to Sell Up to 5 Lakh Shares, Stock Down by 4%

Introduction

In a significant development, C.E. Info Systems Limited has received an intimation from Mr. Rakesh Kumar Verma, the Chairman and Managing Director of the Company, regarding his intention to sell up to 5,00,000 equity shares. This move is outlined in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Details of the Share Sale

Mr. Rakesh Kumar Verma has notified the Company of his intention to sell up to 5,00,000 equity shares via bulk or block deals on the stock exchanges. This amount represents less than 1% of the paid-up capital of the Company. This sale is part of Mr. Verma’s efforts to provide liquidity to fund his philanthropic activities and investments in startup companies, aligning with his commitment to an Aatmanirbhar (self-reliant) and Sarvottam (excellent) Bharat.

Commitment to Growth and Stability

Despite this sale, the Promoter Group will continue to maintain a significant stake in the company, holding 51.9% on a post-sale basis. This move reassures stakeholders that the promoters remain committed to the growth and success of C.E. Info Systems Limited. Furthermore, there is no intention of selling any further shares, underscoring their confidence in the company’s future prospects.

Official Statement

The official letter was signed by Saurabh Surendra Somani, the Company Secretary & Compliance Officer, and addressed to the Listing Departments of BSE Limited and the National Stock Exchange of India Limited. The correspondence was aimed at ensuring transparency and compliance with the regulatory requirements.

Block Deal

Shares of C.E. Info Systems, the owner of MapMyIndia, fell more than 4% on Wednesday following reports that 6.1 lakh shares, representing 1.1% equity, were exchanged in a block deal. The transaction, valued at Rs 142.6 crore, was executed at an average price of Rs 2,332 per share. JM Financial acted as the broker for this block deal. The identities of the buyers and sellers in the transaction were not immediately disclosed. However, given the recent intimation from Mr. Rakesh Kumar Verma regarding his intention to sell shares, it is likely that he could be the seller in this trade.

Conclusion

This development highlights Mr. Verma’s dedication to contributing to the nation’s economic growth through philanthropy and investments while maintaining a robust presence in the company. Stakeholders can rest assured of the promoters’ unwavering commitment to the company’s long-term success and stability.