SBI Mutual Fund increases stake in Happy Forgings to 5.77% with Rs.341 Crore Investment
SBI Mutual Fund has significantly increased its stake in the auto components manufacturer Happy Forgings, acquiring another 3.8% in the company through an open market transaction for Rs.341 crore.
According to the Bombay Stock Exchange (BSE), Happy Forgings acquired 35.91 lakh shares at an average price of Rs.950 per share. With this acquisition, the holding of SBI Mutual Fund in the company increased to 5.77% from 1.97%.
At the same time, Business Excellence Trust III, a SEBI registered Alternative Investment Fund managed by MOPE Investment Advisors a subsidiary of Motilal Oswal Financial Services Ltd sold 39.10 lakh shares, amounting to 4.2% stake in the company. The average price per share stood at Rs.950.06 and the total value of the transaction was Rs.371.48 crore.
The stake in Ludhiana-based Happy Forgings by Business Excellence Trust III has come down to 4.1% from 8.3% following this sale.
Though trading activity was substantial, the details of other buyers who participated in the transaction were not confirmed.
On the same day, the shares of Happy Forgings declined 1.32%. It closed at Rs.1,009.15 apiece on the BSE.
