The counter of Gemini communication Ltd (GCL), a Chennai-based telecom and IT hardware provider, was in the spotlight on Thursday as it witnessed a huge block deal to the tune of 14.14 lakh shares on the Bombay Stock Exchange (BSE) on Thursday. ICICI Securities Primary Dealership Ltd purchased 14,14,840 shares of GCL for Rs 224.20 per share during the day. However, the stock fell 7.88% on the BSE or Rs 17.50 to close at Rs 204.50 from its previous close of Rs 222. The total number of shares traded on the counter on BSE were 19.50 lakh shares against two-week?s average trading volume of 3 lakh shares per day.
As per the details released by the BSE, the sellers were identified as Madhu Sudhirkumar Jhunjhunwala (3 lakh shares), Anandha Krishnan MVS (3.5 lakh shares), LB Holdings (2.80 lakh shares) and Money Managers (4,84,840 shares). Interestingly, some of the entities involved in Thursday?s block deal were also trading in the stock since last couple of months as their names appeared in the list of bulk trades released by the exchange as either buyer or the seller.
Dealers said buying of huge stake at one go by ICICI Securities may be on behalf of some of the potential buyers it may have in mind or is confident of seeling the stake in future to the interested buyers. Gemini communication ltd is an upcoming company in the IT and telecom networking business spread across 70 location.
