Vista Group could be on its way to joining the S&P/NZX 50 after major shareholders sold a quarter of the cinema software developer.

Stock Takes tipped the block trade in October, when Vista boss Murray Holdaway (pictured) told this column the company wanted to increase liquidity in its stock and a management sell-down could help with that.

The firm's market capitalisation of around $432 million is large enough to enter the NZX 50, but a lack of liquidity in Vista's tightly held share register has stood in the way of it entering the benchmark index.

The share sale should help with that. Twenty shareholders, including Holdaway and executive director Brian Cadzow, sold almost 26 per cent of the company. Incoming investors bought in at $5.30 a share.

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Vista shares, which were sold into the firm's 2014 IPO at $2.35, closed down 3c yesterday at $5.37.