Aditya Birla Capital Ltd. saw notable institutional investor buying on Wednesday as big names including Motilal Oswal Mutual Fund, Mirae Asset and Goldman Sachs picked up shares offloaded by a prominent shareholder.
Motilal Oswal Mutual Fund bought 2.47 crore shares for Rs 600 crore.
Mirae Asset Mutual Fund obtained a 0.31% stake worth Rs 200 crore through an open market transaction. The firm acquired 82.42 lakh shares at 242.65 apiece, as per BSE block deal data.
Goldman Sachs mopped up 33.63 lakh shares or a 0.12% stake.
Blackrock, HSBC Mutual Fund and Edelweiss Mutual Fund are also among the other buyers.
During the deal, private equity firm Advent International, through special purpose vehicle Jomei Investments Ltd., offloaded 2.34 crore shares or a 0.89% stake at Rs 242.65 apiece.
ABCL has secured board approval to raise Rs 2,100 crore in primary equity capital through a preferential allotment to select marquee investors, including Advent International and the company's promoters.
Shares of ABCL closed 1.48% higher at Rs 246.25 apiece on the National Stock Exchange, compared to a 0.15% rise in the benchmark Nifty. The stock has fallen 5.19% in the last 12 months.
All the 10 analysts tracking the company gave a buy rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 2.7%.
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