In an open market deal, SBI Mutual Fund purchased 2.85% more shares in the ₹3,800-crore KPR Mill. As a result, the fund could purchase 7.74% of the organised textile company in Tamil Nadu.
SBI Mutual Fund bought 9.735 million shares at an average price of ₹925 to raise this percentage of stake. The BSE’s bulk deal data indicates that this transaction involved almost ₹900 crore in total.
K P Ramasamy, one of the promoters of KPR Mill, sold 10.5 million shares, or 3.07 per cent equity stake, at an average price of ₹925.12 a share, for a total transaction value of ₹971.38 crore. The sale reduced his stake by 21.37% at the time of purchase to 18.3%. Meanwhile, the promoters and their group entities in KPR Mill now stand at 70.69 per cent from 73.76 per cent. The shares of KPR Mill closed down by 0.82% at ₹1,002.75 on the BSE following the transactions.
Meanwhile, SBI Mutual Fund recently increased its stake in Nuvoco Vistas Corporation by nearly 3% to over ₹158 crore.
In another deal, Societe Generale and Vikasa Capital sold a 1.43% stake in SpiceJet through open market transactions for ₹116 crore. The bank sold 8.356 million shares, while Vikasa Capital sold one crore shares worth ₹62.90-₹63.13 per share, amounting to ₹115.69 crore.
Societe Generale, too, bought 940,000 shares at an average price of ₹62.43, aggregating to ₹5.87 crore. After the deals, SpiceJet edged down 5.54% on BSE at ₹62.38.
On Tuesday, SpiceJet said it amicably settled a dispute with Engine Lease Finance Corporation (ELFC), settling for an undisclosed amount less than it initially claimed to be worth $16.7 million.
In another development, the airline has raised ₹3,000 crore through its Qualified Institutional Placement (QIP), which saw good oversubscription by investors, who expressed confidence in the airline’s growth prospects. The QIP opened on September 16 and closed on September 18.
