Two individuals on Monday divested a 4.2 per cent stake in Jyoti CNC Automation for Rs 1,079 crore via open market transactions while Axis Mutual Fund, Morgan Stanley and Societe Generale picked up shares in the company.

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A total of 96.05 lakh shares or 4.2 per cent stake in Jyoti CNC Automation was pared by the two public shareholders, Paresh Mohanlal Parekh and Vijay Mohanlal Parekh.

According to the bulk deal data available on the National Stock Exchange (NSE), Vijay Mohanlal Parekh offloaded 48.02 lakh shares of Jyoti CNC Automation while Paresh Mohanlal Parekh sold 45.41 lakh scrips of the company.

In addition, Paresh Parekh also disposed of 2.60 lakh shares of Jyoti CNC through a block deal on the BSE.

The shares were offloaded in the price range of Rs 1,123-1,125.15 apiece on the BSE and NSE, taking the combined value of the transaction to Rs 1,079.40 crore.

At the June quarter ending, Vijay and Parekh owned a 7.52 per cent stake each in Jyoti CNC Automation, as per the shareholding data on the BSE.

Edelweiss Mutual Fund (MF), HSBC MF, Tara Emerging Asia Liquid Fund, Astorne Capital VCC Arven and Florida Retirement System acquired shares of Jyoti CNC Automation, as per the block deal data showed on the NSE.

Meanwhile, BofA Securities Europe SA picked up shares of Jyoti CNC Automation on the BSE.

On Monday, shares of Jyoti CNC Automation declined 1.35 per cent to close at Rs 1,117.50 per piece on the NSE while it settle at Rs 1,123.50 apiece, down by 0.95 per cent on the BSE.

Jyoti CNC Automation is a manufacturer of metal-cutting computer numerical control (CNC) machines. It is a global leader in CNC machine manufacturing, commanding the third largest market share in India with 10 per cent as of FY23.

It's the twelfth largest globally with 0.4 per cent share in 2022.