Sansera Engineering Shares Hit Record As 8.3% Equity Changes Hands

Shares of Sansera Engineering Ltd. hit a record high after two large trades on Thursday.

Around 44 lakh shares and 21.2 lakh shares, or a total of 8.3% equity, changed hands in two large trades in the pre-open session, according to Bloomberg.

On Wednesday, BQ Prime reported that the two shareholders of Sansera Engineering would sell a combined 14.1% stake in the company. Client Ebene will sell 47.8 lakh shares, or 9% equity, and CVCIGP II Employee Ebene will sell 26.8 lakh shares, or 5.1% equity, in a large trade on June 22, according to terms of the deal reviewed by BQ Prime.

The shareholders aim to raise up to Rs 627.5 crore from the stake sale on the higher end of the price band. The shares are offered at a price range of Rs 799.85 to Rs 841.95 apiece, representing a discount of up to 5% to the closing price on Wednesday. The sellers are subject to a 90-day lock-in period, according to the terms. Nomura is the sole placement agent for the deal.

Shares of Sansera Engineering surged 8.62% to Rs 914.55 apiece as of 9:52 a.m., compared to a 0.02% advance in the NSE Nifty 50. It rose as much as 8.62% intraday, hitting an all-time high of Rs 914.55 apiece.

The average traded volume so far in the day stood at 54.7 times its monthly average. The relative strength index was at 76, implying that the stock may be overbought.

Six analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 10.6%.