What is the story about?
Shares of Billionbrains Garage Ventures Ltd., parent company of the trading platform Groww, fell as much as 3% on Wednesday, December 10, after its shareholder lock-in ended.
Groww's one-month shareholder lock-in ended on Wednesday, freeing up close to 150 million shares for trading.
According to Nuvama Alternative & Quantitative Research, as many as 149.2 million shares or 2% of the company's outstanding has freed up for trade with the end of the shareholder lock-in.
Based on Tuesday's closing price, the value of the shares that have freed up for trade is worth ₹2,223 crore.
It must be noted that the end of the shareholder lock-in period does not mean all the shares will be sold in the open market, they just become eligible to be traded.
Another 2% of the company's outstanding or 149 million shares will free up for trade on February 9, when the company's three-month shareholder lock-in will come to an end.
Shares of Groww made a strong debut on Dalal Street last month, with the stock nearly doubling compared to its issue price within the first few days of listing. However, the stock has corrected from those levels of ₹193, which it had it in just the first five days of listing.
Shares of Billionbrains Garage Ventures are currently trading 3.1% lower at ₹144.95. The stock is down 26% from that post-listing high of ₹193.8, but remains 45% above its issue price of ₹100.
Groww's one-month shareholder lock-in ended on Wednesday, freeing up close to 150 million shares for trading.
According to Nuvama Alternative & Quantitative Research, as many as 149.2 million shares or 2% of the company's outstanding has freed up for trade with the end of the shareholder lock-in.
Based on Tuesday's closing price, the value of the shares that have freed up for trade is worth ₹2,223 crore.
It must be noted that the end of the shareholder lock-in period does not mean all the shares will be sold in the open market, they just become eligible to be traded.
Another 2% of the company's outstanding or 149 million shares will free up for trade on February 9, when the company's three-month shareholder lock-in will come to an end.
Shares of Groww made a strong debut on Dalal Street last month, with the stock nearly doubling compared to its issue price within the first few days of listing. However, the stock has corrected from those levels of ₹193, which it had it in just the first five days of listing.
Shares of Billionbrains Garage Ventures are currently trading 3.1% lower at ₹144.95. The stock is down 26% from that post-listing high of ₹193.8, but remains 45% above its issue price of ₹100.
