Global asset manager BlackRock Inc. on Tuesday raised its stake in auto components maker Belrise Industries Ltd. via open market purchase of shares.
The firm acquired over 70 lakh equity shares or 0.8% equity for an aggregate of nearly Rs 110 crore, according to NSE bulk deal data. BlackRock owned 1.06% equity as of September. It had invested in the company's pre-IPO anchor book.
SBI Mutual Fund purchased 5.13 crore shares or 6.6% equity for nearly Rs 790 crore. Domestic mutual funds owned 3.41% stake.
On the other hand, Sumedh Tools Pvt., part of the promoter group, offloaded its entire shareholding for nearly Rs 900 crore.
The block trades happened at an average price of Rs 153.7 per share, a 3% discount to the last market price of Rs 158.36.
Belrise Industries shares hit life high during the session after the large deals.
The company raised funds worth Rs 2,150 crore via an initial public offering in May.
The company is an automotive component manufacturer offering a range of safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agricultural vehicles.
Its product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems. The company's products are largely agnostic to vehicle powertrain types, enabling it to serve both electric vehicles and internal combustion engine vehicles.
Belrise Industries' share price closed 6% higher at Rs 168.23 on the NSE, compared to a flat benchmark Nifty 50. The stock is up 72% since listing.
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