Chiswick Investment, an affiliate of GIC Group, sold a little over an 11 percent stake in Jaipur-headquartered smart metering solutions provider Genus Power Infrastructures for Rs 955.6 crore through open market transactions.
Genus Power's stock reacted sharply to the stake sale, opening with a significant gap-down on Tuesday and closing 5.98 percent lower at Rs 299.4 on the National Stock Exchange amid heavy volumes, extending losses for a third consecutive session.
Chiswick Investment offloaded a total of 3.35 crore equity shares, representing a 11.03 percent stake in Genus Power, through three transactions. Of these, the GIC Group company sold 89.28 lakh shares at Rs 282.15 per share, 1.42 crore shares at Rs 282.58 per share, and 1.03 crore shares at Rs 290 per share.
As per the March 2026 shareholding pattern, Chiswick Investment held a 15.11 percent stake in Genus Power.
Singapore's sovereign wealth fund GIC, through Chiswick Investment, had invested Rs 519 crore in Genus Power via a preferential allotment of warrants in July 2023, giving it a 15 percent stake in the company's issued and paid-up share capital.
In July 2023, Genus Power had also signed a definitive agreement with Gem View Investment, another affiliate of GIC Singapore, to set up a platform for undertaking Advanced Metering Infrastructure Service Provider (AMISP) concessions with an initial capital outlay of $2 billion.
Of the total shares sold by Chiswick, portfolio management firm Buoyant Opportunities Strategy and Akash Manek Bhanshali-owned Profitex Shares & Securities each acquired 44.82 lakh shares, representing a 1.47 percent stake in Genus Power, for about Rs 130 crore. Madhuri Madhusudan Kela, wife of ace investor Madhu Kela, bought 13.79 lakh shares, or a 0.45 percent stake, for Rs 40 crore. All three acquired the shares at Rs 290 apiece.
Among other buyers, Mansi Share and Stock Broking purchased 14.37 lakh shares worth Rs 40.76 crore at an average price of Rs 283.68 per share, Irage Broking Services acquired 31.89 lakh shares worth Rs 91.48 crore at Rs 286.83 per share, while D3 Stock Vision bought 15.8 lakh shares worth Rs 44.5 crore at Rs 281.66 per share.