SBI Mutual Fund Increases Stake in KPR Mill with Rs.900 Crore Investment
SBI Mutual Fund has increased its holding in KPR Mill to 7.74% by a subsidiary buying an additional 2.85% in the company through open market trade on Wednesday. Total shares traded stood at 97.35 lakh shares worth Rs.900.04 crore and the average price at which shares were bought stood at Rs.925 apiece.
After this acquisition, KPR Mill witnessed 7.74% holding by SBI Mutual Fund which was recorded as 4.89% earlier. Other buyers who have purchased the shares of KPR Mill could not be obtained from BSE.
Simultaneously, one of the promoters in KPR Mill sold 1.05 cr shares translating into stake value at 3.07%, at an average price of Rs.925.12 per share. The deal was worth Rs.971.38 crore. Post this sale, the promoters’ stake slipped further to 18.3%. Overall holding by promoters and group entities stands reduced at 70.69% in KPR Mill from 73.76%.
Meanwhile, KPR Mill shares have fallen marginally by 0.82% closing at Rs.1,002.75 on BSE. It wasn’t too long ago that SBI Mutual Fund had also increased its stake in building materials company Nuvoco Vistas Corporation to around 3%, buying almost 3% worth over Rs.158 crore.
Yet another major transaction recorded on the BSE saw Societe Generale and Vikasa Capital, divest a 1.43% stake in SpiceJet, collectively fetching Rs.116 crore. The entity from Paris had sold 83.56 lakh shares, while Vikasa Capital did its bit through its affiliate Vikasa India EIF I Fund which had sold 1 crore shares, at prices ranging from Rs.62.90 and Rs.63.13 aggregating to a total transaction value of Rs.115.69 crore.
But, Societe Generale bought 9.40 lakh shares of SpiceJet at an average of Rs.62.43 per share, aggregating to an amount of Rs.5.87 crore. Other buyers of SpiceJet’s shares were unknown.
Shares of SpiceJet slumped 5.54%, as the stock closed at Rs.62.38 on the BSE. The company had resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement, wherein ELFC agreed to a lower, undisclosed settlement amount from its claim of USD 16.7 million.
In another positive news, SpiceJet managed to successfully raise Rs.3,000 crore through Qualified Institutional Placement (QIP). The QIP, which opened on September 16 and closed on September 18, had an overwhelming response and got oversubscribed, a factor that often suggests strong confidence of investors in the growth story of the airline.
