Kotak Mahindra International sells 3.51% stake in Ceat

Kotak Mahindra (International) Ltd on Tuesday offloaded 3.51% stake in tyre maker Ceat for an estimated Rs 113 crore through an open market transaction.

The shares were purchased by Ambit Wealth Advisors.

According to information available with the BSE, Kotak Mahindra (International) sold a total of 14,21,375 shares or 3.51% stake, of Ceat through block deal.

The shares were shed on an average price of Rs 795 valuing the transaction at over Rs 113 crore.

As on June quarter, Kotak held over 28.54 lakh shares, amounting to 7.06% stake, of the tyre maker.

For the April-June quarter, Ceat reported over two-fold rise in consolidated net profit at Rs 121.01 crore, primarily on lower raw material cost and improved product mix.

Net sales of the company rose to Rs 1,456.26 crore during the first quarter, as compared to Rs 1,453.10 crore during the same period of previous fiscal.

Shares of Ceat on Tuesday surged by 3.66% to close at Rs 818.85 apiece on the BSE.