Minda Corp. saw a key investor divest its entire stake in the company for Rs 437.28 crore via open market transactions on Monday.
Bela Agarwal, a retail individual shareholder, offloaded 1.08 crore shares or a 4.54% stake at Rs 403 apiece, according to block deal data on the BSE.
The buyers include top mutual funds. Motilal Oswal Mutual Fund bought 43.7 lakh shares (1.82%), Kotak Mahindra Mutual Fund bought 42.93 lakh shares (1.79%), and Mahindra Manulife Mutual Fund bought 7.4 lakh shares (0.3%), among others.
Mutual funds held a 13.39% stake in the auto ancillary company as of December 2023.
Shares of Minda Corp hit a record high of Rs 442.15, as they rallied nearly 9% intra-day trade after the large trades. The scrip closed 4.64% higher at Rs 425.05 apiece on the BSE, compared to a 0.39% advance in the benchmark Sensex.
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