IRIS Business Services founder announces plan for sale of shares
IRIS Business Services founder Balachandran Krishnan has announced a trading plan for selling some of his shares.
IRIS Business Services founder Balachandran Krishnan has announced a trading plan for selling some of his shares. As per an exchange filing, he will offload 2,00,000 equity shares of the company from August 21 this year to August 20 next year.
As of September 2022, Balachandran Krishnan owned 11,04,000 shares or a 5.7 per cent stake in the Mumbai-headquartered software company. The promoter group held a 38 per cent stake.
Balachandran Krishnan pledged that he and his relatives will not trade in the securities of IRIS Business Services during the cool-off period of six months as prescribed by the capital market regulator Securities and Exchange Board of India. Also, they will not trade during the no trading period.
This is one of the rare instances wherein a promoter has given a schedule for selling securities in a company.
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As per the SEBI, any trading plan once approved shall be irrevocable and it shall be mandatorily implemented.
Shares of IRIS Business Services quoted Rs 76 apiece on NSE on Tuesday. Its 52-week range is Rs 153 - Rs 66.70. The market cap of the company is Rs 146.73 crore.
IRIS Business Services is one of the first providers of full professional XBRL products and solutions. It has clients in the United States, Singapore, United Kingdom and the UAE.
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