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Nitco climbs after Mathew Cyriac acquires stake via bulk deal

07-May-26 11:39 Hrs IST

According to BSE bulk deal data, Cyriac purchased 20 lakh shares at Rs 95.05 per share in the Mumbai-based tiles and marble maker.

At the same time, Rashi Fincorp sold 23 lakh shares, equivalent to a 0.96% stake, at Rs 95.09 per share.

Cyriac's name did not appear in Nitco's shareholding pattern for the quarter ended March 2026.

As of March 2026, promoters held a 20.17% stake in the company. Among public shareholders, Authum Investment and Infrastructure held 46.77%.

Cyriac is executive chairman of Florintree Advisors, a private equity firm focused on emerging Indian companies across sectors including technology, industrials, healthcare and financial services.

Before founding Florintree, he served as managing director and co-head of private equity operations at Blackstone India. He also worked at Tata Motors and later joined Bank of America in investment banking.

Cyriac currently serves on the boards of Gokaldas Exports and ideaForge Technology.

Nitco is a surface solutions company, offering tiles, marble and mosaic products. It has a strong presence across more than 55 countries and a wide domestic network of over 650 dealers, experience centres and franchise stores.

On a consolidated basis, Nitco reported net loss of Rs 11.90 crore in Q3 December 2025 as against net loss of Rs 660.18 crore in Q3 December 2024. Net sales rose 54.66% YoY to Rs 130.30 crore in Q3 December 2025.

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