SBI Mutual Fund Sells Stake in NHIT, Raises Rs.815 Crore Via Open Market Sale
SBI Mutual Fund has offloaded its stake in National Highways Infra Trust (NHIT) by selling 4.7% of its unitholding via an open market transaction. The sale worth Rs.815 crore was made on the National Stock Exchange (NSE).
NHIT, an InvIT set up in 2021 under the sponsorship of the National Highways Authority of India (NHAI), is the pillar on which the government’s National Monetisation Pipeline depends. The most recent bulk deal information from NSE reports that SBI Mutual Fund sold over 6.10 crore units of NHIT.
The transaction was made at the average price of Rs.133.50 per unit, worth a total amount of Rs.814.68 crore. After the sale, the ownership of SBI Mutual Fund in NHIT has reduced from 9.34% to 4.69%.
In the meantime, big infrastructure player Larsen and Toubro and Vidyaniti LLP bought almost 5.99 crore units of NHIT, both of them putting in a total of Rs.799 crore. According to the exchange data, L&T bought 2.24 crore units, which corresponded to a 1.71% stake in NHIT, and Vidyaniti LLP bought 3.74 crore units corresponding to a 2.85% stake. All purchases were made at the same price of Rs.133.50 per unit, with the overall transaction value coming to Rs.798.99 crore.
The identity of the other prospective buyers participating in the transaction is not disclosed on the exchange. The unit price of NHIT gained 1.14% on Thursday, finishing at Rs.133.50 per unit on the NSE.
Concurrently, the Competition Commission of India (CCI) has cleared NHIT Southern Projects’ bid to purchase concession rights for more than 11 road projects from NHAI. The acquisition will be made under the automatic green channel route.
The contract, which is in the form of the Toll-Operate-Transfer (TOT) model, gives NHIT Southern Projects operational rights of these highways for 20 years as a concession period. NHIT Southern Projects is a special-purpose vehicle and is a subsidiary that is fully owned by NHIT.
In yet another block deal on NSE, Bajaj Finance has sold 25.27 lakh shares of AGS Transact Technologies for about Rs.3 crore via an open market transaction. The shares were traded at an average price of Rs.11.34 per share and at a total value of Rs.2.86 crore.
Information about AGS Transact Technologies’ shareholders who bought shares is yet to be confirmed. After the sale, AGS Transact Technologies shares fell 4.80%, closing at Rs.11.30 per share on the NSE.
