Netweb Tech Block Deal | 3.93% equity worth ₹682 crore changes hands; Stock declines 3%

As many as 23.32 lakh shares, or 3.93% equity, of Netweb Technologies India Ltd. worth ₹682.3 crore changed hands in a block deal on Thursday, February 12.

On Wednesday, February 10, sources told CNBC-TV18 that the promoters of Netweb Technologies India Ltd. were to sell up to a 3% stake in the firm via block deals.

The selling promoters were to include Sanjay Lodha, Navin Lodha, Niraj Lodha and Vivek Lodha, sources said.

The offer size was likely to be ₹514.5 crore, with a floor price of ₹3,027 per share, as per sources. There would be a 60-day lock-in period for the sellers.

At the end of the December quarter, the promoters Sanjay Lodha and Navin Lodha held 71% and 28.3% stake in the company, respectively. Meanwhile, Niraj Lodha and Vivek Lodha held 14.15% stake, each.

In the third quarter, the company's revenue increased 140% to ₹804 crore from the previous year. Its earnings before interest, tax, depreciation and amortisation (EBITDA) increased to ₹97.5 crore from ₹44 crore in the previous year.

Shares of Netweb Tech were trading 2.39% lower at ₹3,049 apiece. The stock has gained  98.5% in the past year

Also Read: Why Jefferies remains bullish on Max Financial after Q3 performance