Madhusudan Kela Buys 1.7% Stake In SG Finserve In Bulk Deal
The veteran investor acquired 9.51 lakh sharesat Rs 350.01 per share in a bulk deal on the BSE
Veteran investor Madhusudan Murlidhar Kela acquired 9.51 lakh shares, or a 1.7% stake, in SG Finserve Ltd. at Rs 350.01 per share in a bulk deal on the BSE on Monday. Meanwhile, Dinesh Pareekh sold 3 lakh shares, representing a 0.53% stake, at Rs 350 per share.
SG Finserve is a tech-enabled, Reserve Bank of India-registered non-banking financial company that provides business financing solutions to channel partners such as dealers, distributors, retailers, buyers, suppliers, and transporters.
Shares of the company closed 6.26% higher at Rs 360.55 per share, compared to a 1.32% advance in the NSE Nifty 50. It has fallen 13.94% in the last 12 months and 11.69% on a year-to-date basis.
The one analyst from Arihant Capital Markets tracking the stock has a 'buy' rating on the stock, according to Bloomberg data. The brokerage has a target price of Rs 783 on the stock.
Kela is known for his extensive experience in Indian capital markets. According to Trendlyne, his recent additions include Indostar Capital Finance Ltd., Nazara Technologies Ltd., and Waaree Energies Ltd. He also recently exited a 1.6% stake in Choice International Ltd. Additionally, he purchased shares of Godavari Biorefineries Ltd. through bulk deals.
Kela has over 27 years of investment experience and was previously the Chief Investment Officer of Reliance Group’s asset management business. In 2018, he launched MK Ventures, a proprietary investment firm focused on identifying high-growth opportunities. He is also associated with industry bodies such as the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce & Industry, and the Small Industries Development Bank of India.
