Tips Industries promoters, including Kumar Taurani and Ramesh Taurani, have sold a 6.07 per cent stake in the music record label company, according to a regulatory filing on Wednesday.
Along with Taurani brothers, their wives -- Renu Kumar Taurani, and Varsha Ramesh Taurani -- were also the promoter of Tips Industries Ltd.
"Kumar Sadhuram Taurani, Ramesh Sadhuram Taurani, Renu Kumar Taurani, and Varsha Ramesh Taurani" sold 78,00,000 equity shares, representing 6.07 per cent of the Tips Industries Ltd, "through block deal", Tips Industries said in the filing.
Taurani brothers disposed of a total of 68 lakh shares in Tips Industries, representing 5.30 per cent stake, while Renu Taurani and Varsha Taurani divested 5 lakh shares or a 0.39 per cent stake each in the film production and distribution company.
With the above dilution of stake, Kumar Taurani's and Ramesh Taurani's shareholding has declined to 17.64 per cent and 17.59 per cent, while stakeholding of Renu Kumar Taurani and Varsha Ramesh Taurani has reduced to 7.53 per cent and 5.25 per cent stake in the company, respectively.
Also, the combined shareholding of the promoter and promoter group has declined to 68.92 per cent from 75 per cent stake in Tips Industries.
Following the stake sale, shares of Tips Industries plunged 5.57 per cent to close at Rs 343.05 apiece on the BSE.
Tips Industries Ltd was founded by Taurani brothers in 1975. It is an Indian music record label and film production, film promotion, and film distribution company based in Mumbai.
