HFCL Promoter MN Ventures Trims Stake To 16.19%

MN Ventures Pvt. Ltd., the largest promoter of Gurugram-based HFCL Ltd., has pared its stake in the company to 16.19% from 18.98% through open market transactions, it said in a filing Tuesday.

Despite the 2.79 percentage point reduction, MN Ventures remains the largest promoter shareholder in the telecom equipment and fibre-optic cable maker. NextWave Communications Pvt. Ltd. holds the second-largest promoter stake at 13.51%.

Following the stake sale, total promoter holding in HFCL stands at 31.58%, down from 34.37%. MN Ventures said it offloaded 4.33 million shares, each with a face value of ₹1.00, between June 5 and June 16 across multiple tranches.