SBI Mutual Fund Hikes 3% Stake in Nuvoco Vistas with Rs 158 Crore Investment
The country’s largest building material company, Nuvoco Vistas Corporation Ltd has witnessed a 3% stake buy-through open market deal, over Rs.158 crore by SBI Mutual Fund on Tuesday.
There have been data from a block deal on NSE showing SBI Mutual Fund bought 45 lakh shares and an equivalent to 1.26% stake in Nuvoco Vistas Corporation. According to insiders, the purchase was done at an average of Rs.352 per share and has resulted in a total transaction of Rs.158.40 crore.
This will increase the shareholding of SBI MF in Mumbai-based Nuvoco Vistas Corp to 9.37% from the earlier 8.11%.
Kotak Special Situations Fund, the subsidiary of Kotak Investment Advisors Ltd, offloaded the shares at the same price. Kotak Investment Advisors is a subsidiary of the larger Kotak Group, which specializes in alternative asset management. After the sale, Nuvoco Vistas, the subsidiary of the Nirma Group, witnessed the holding of Kotak Special Situations Fund at 2.28% from 3.54%.
Equity shares of Nuvoco Vistas Corporation rose 3.79% to close at Rs.364.10 per share on the NSE after the deal.
