GIC Pvt Ltd, on account of Government of Singapore (GOS), sold 56,76,912 shares aggregating 0.59% stake, while the Monetary Authority of Singapore (MAS) sold 36,53,266 shares accounting for 0.38% shareholding, the company said in a regulatory filing.

Altogether, they sold a total of 93.30 lakh shares, amounting to 0.97% stake in ZEEL on August 20 for an estimated sum of over ₹186 crore.

Based on the closing price of ₹199.45 per share on BSE on the day of share sale, the transaction is estimated to be valued at over ₹186 crore. Prior to sale, GOS held 4.81 per cent stake, while MAS’ stake stood at 2.10 per cent aggregating to a total of 6.91 per cent, as per the filing.

Last week, ZEEL had reported a consolidated net profit of ₹29.28 crore for the first quarter ended June 30, 2020, as against a net profit of ₹529.76 crore in April-June quarter a year ago.

Its total income during the quarter under review was ₹1,338.41 crore. It was ₹2,112.03 crore in the corresponding quarter last year. According to the company, the impact on earnings was primarily due to restrictions caused by COVID-19 on business activities.

“This is expected to result in increase in business activity for the Group. In addition to the aforesaid assessment and review of the current indicators of future economic conditions, the Group has also taken various steps aimed at augmenting liquidity, conserving cash including various cost saving initiatives, and sale of non-core and other assets,” it had said.

Shares of ZEEL were trading 3.77% or ₹7.25 higher at ₹199.40 on BSE.