The Burman family, which owns Dabur India Limited, is likely to sell shares worth Rs 800 crore through block deals on Tuesday, said a news report on Tuesday.┬а
The promoters will offer up to 4% discount from the current market price for the stake in the fast moving consumer goods major, reported CNBC TV-18. On Monday, the stock ended 1.5% higher at Rs 588.65.
As of September-end, the Burman family together held 67.24% stake in Dabur. Goldman Sachs would be the broker for the deal, said the report.
Earlier this month, global research firm Morgan Stanley has upgraded Dabur India stock to overweight from equal weight and has raised the price target to Rs 660 per share.
“While demand trends are yet to reflect a recovery in rural demand, we see accelerating signals that the rural weakness recorded over the last four quarters could be turning a corner. All of this together suggests higher income levels in rural India over the coming months. This augers well for Dabur as over 45 percent of its revenue is linked to the rural economy. It also has the highest rural exposure in our coverage universe,” said Morgan Stanley.
