Campus Activewear shares dive 9% amid bulk deal buzz

The bulk buzz in the shares of Campus Activewear dragged the stock prices sharply lower during the trading session on Friday. The counter dropped as much as 9 per cent during the first hour of the trading session amid a reported block deal by major private equity funds.

Private equity fund TPG Global was looking to offload 7.62 per cent equity or 2,32,07,692 shares of the footwear company on Friday via a block deal. Kuwait Investment Authority was exiting the company by selling 38,78,844 shares or a 1.27 per cent stake.

The floor price for the deal was set at Rs 345 apiece, which was a discount of 7 per cent, compared to its previous close at Rs 369.10.

According to the data from National Stock Exchange (NSE), more than 3.08 crore shares worth Rs 1,069.4 crore exchanged hands as of 10.30 am. On BSE, 15.38 lakh equity shares worth Rs 53.58 crore were traded by the same time.

Trading volumes on the bourses suggest that the bulk deal has already taken place, but Business Today independently could not verify the same. Also, the details of buyers and sellers were not ascertained by the time of writing the report.

Amid the heavy trading volumes, shares of Campus Activewear tumbled as much as 9 per cent to 337.50, before recovering slightly to Rs 341.20 at 10.35 am. The stock is down 20 per cent in the year 2023 so far.

Campus Activewear has underperformed the headline indices. The stock is down 17 per cent in the last one month, while the counter has declined about 45 per cent in the last six months. The stock has almost halved from its 52-week high of Rs 640 in October 2022.

Campus Activewear, which made its Dalal Street debut in April 2022, is one of India's largest sports and athleisure footwear brands in terms of value and volume.

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