Porinju Veliyath Picks Up Stake In This Small Cap Stock, Shares Up 3%

Shares of Protean eGov Technologies continued to surge in the green on Wednesday going up over 3% to hit an intraday high of ₹1,259.40.

What Happened: As per the exchange data, ace investor Porinju Veliyath‘s Equity Intelligence India has picked up a 0.7% stake in the company. The company acquired the stakes through a block deal on BSE. The average price of purchase was ₹1,199.50. The total deal is worth around ₹35.38 crore. His stake is currently worth around ₹36.51 crore.

Shares of the small-cap stock have been subdued since the start of the year. On a year-to-date basis, the stock has gone down around 2%.

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Protean eGov Technologies is an IT-enabled solution company, that specializes in conceptualizing, developing, and executing nationally critical, population-scale greenfield technology solutions. The company has a strong track record of collaborating with the government to create digital public infrastructure and develop innovative, citizen-centric e-governance solutions.

Originally established as a depository in 1995, Protean eGov Technologies has been instrumental in creating systemically important national infrastructure for the development of India’s capital markets.

Price Action: Shares of Protean were up 2.20% to trade at ₹1,245 in early trade on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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