 "SBI Mutual Fund aggressively increases its stake in KPR Mill, a bold move amidst fluctuating market dynamics and profit shifts.")
On September 25, 2024, SBI Mutual Fund increased its stake in KPR Mill from 4.89% to 7.74% by acquiring an additional 2.85% for over Rs 900 crore. This purchase involved 9.735 million shares at an average price of Rs 925 each. Meanwhile, KP Ramasamy, a promoter of KPR Mill, sold 10.5 million shares, reducing his stake to 18.3%. The overall promoter stake in KPR Mill also dipped to 70.69%. In other Market activities, SBI Mutual Fund recently bought nearly 3% in Nuvoco Vistas for over Rs 158 crore. Societe Generale and Vikasa Capital also sold shares in SpiceJet, as the airline announced a successful settlement with Engine Lease Finance Corporation and raised Rs 3,000 crore through a Qualified Institutional Placement.
SBI Mutual Fund Boosts Stake in KPR Mill Amid Market Activity
In a significant Market move, SBI Mutual Fund has increased its stake in KPR Mill, a leading apparel manufacturing company, to 7.74%. This was achieved by acquiring an additional 2.85% of shares, valued at over Rs 900 crore, through an open Market transaction. According to the bulk deal data available on the Bombay Stock Exchange (BSE), SBI Mutual Fund purchased 9.735 million shares at an average price of Rs 925 each, raising its total holding from 4.89% to 7.74%.
In contrast, KP Ramasamy, one of KPR Mill’s promoters, sold off 10.5 million shares, translating to a 3.07% stake reduction. His average sale price was Rs 925.12 per share, totaling Rs 971.38 crore and reducing his stake from 21.37% to 18.3%. The overall stake of the promoters and their affiliates in KPR Mill has now dropped to 70.69%.
On the stock Market front, KPR Mill shares saw a slight decline, closing down by 0.82% at Rs 1,002.75.
In other noteworthy transactions, SBI Mutual Fund also made headlines recently by acquiring nearly 3% stake in Nuvoco Vistas Corporation for over Rs 158 crore. Meanwhile, the airline SpiceJet saw Societe Generale and Vikasa Capital decrease their stake by 1.43%, valued at Rs 116 crore, amid various stock Market dynamics.
This active trading environment highlights the ongoing changes and challenges within the Market as investors respond to evolving economic conditions.
Tags: SBI Mutual Fund, KPR Mill, stock Market news, investment trends, company stakes, SpiceJet, Market activity
- What does SBI Mutual Fund’s increased stake in KPR Mill mean?
SBI Mutual Fund has bought more shares in KPR Mill, raising its total ownership to 7.7%. This shows their confidence in the company’s growth.
- How much money did SBI Mutual Fund invest in KPR Mill?
SBI Mutual Fund invested around 900 crore rupees to increase its stake in KPR Mill.
- Why is this investment important?
This investment is important because it reflects SBI Mutual Fund’s belief in KPR Mill’s future potential and can positively impact the company’s stock Market performance.
- What is KPR Mill known for?
KPR Mill is a textile and clothing company that is known for producing various fabric products and garments.
- Will this investment affect KPR Mill’s operations?
While the investment itself doesn’t change operations, having a significant investor like SBI Mutual Fund can provide KPR Mill with additional credibility and support for future growth initiatives.
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