MapmyIndia Share Price Drops 7% on reports of block deal; PhonePe Likely Seller

MapmyIndia Parent Company Ce Info Systems Share Price Fell as Much as 7% in Ceysday’s Trading Session to 1,804.80 per share after the reports circulated of Major Block Deal.

According to CNBC-TV18 Report, Total of 28.6 Lakh Shares, REPRESENTING 5.3 per cent of the company’s equity, was tradeed at a price of 1,813.7 per share. Digital Payments Giant PhonePe Pvt. Ltd. Launched a Block Deal to offload a 5 per cent stake in ce info systems ltd., the parent company of mapmyindia, for 476.2 Crore.

The deal is reportedly priced at 1,750 per share, reflecting a 10.4% discount to Ce Infosystems’ Most Recent Closing Price, According to Sources.

As of the March Quarter, PhonePe Owned an 18.7 per cent stake in MapmyIndia.

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