Shares of EdServ Softsystems declined 4.78% to R15.95 on the BSE on Tuesday as the second major shareholder in the public category, Kalpathi Investments (KIPL), trimmed its stake in the Chennai-based education company by 2.1%.
Kalpathi has sold 5.55 lakh shares (2.1%) of EdServ through open-market transactions in different tranches from September 17-21. The stock hit a day’s high of R17.45 and a low of R15.80, before closing at R15.95. The scrip hit a 52-week high of R103.20 on September 28, 2011, and a 52-week low of R15.10 on May 24, 2012.
As per a June 2012 disclosure, KIPL is the second major non-promoter shareholder in the company, holding 11.78%, next to the bank of New York Mellon, which owns 25.69%. Prosel Ventures owns a 9.52% stake. Prior to the disposal, Kalpathi held 30.92 lakh shares or 11.78% and, following the offloading, its stake has come down to 9.64%.
KIPL, started by the Kalpathi family, had held controlling stakes in SSI Education, Aptech, SSI Technologies and property development business.