Premier Energies Ltd.'s block deal on Tuesday saw notable institutional interest as mutual funds and insurance companies lapped up shares.
US-based GEF Capital Partners affiliate South Asia Growth Fund II Holdings sold 2.5 crore shares representing a 5.6% stake in the company for Rs 2,630 crore. The firm owned 11.1% equity in the company as of March, according to BSE shareholding data.
On the other hand, Quant Mutual Fund acquired 47.55 lakh shares or 1.05% equity for Rs 500 crore.
PI Opportunities AIF, an affiliate of billionaire Azim Premji-backed Premji Invest, bought 33.28 lakh shares (0.74%) for Rs 350 crore.
SBI Life Insurance Co. bought 0.53% equity for Rs 250 crore.
Foreign investors include Morgan Stanley Asia, Goldman Sachs, Citigroup, Blackstone and Nomura.
Domestic mutual funds including Edelweiss Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund and ICICI Prudential Mutual Fund also acquired shares in the Premier Energies block deal.
The shares were traded at an average price of Rs 1,051.6 apiece.
South Asia Growth Fund II is a private equity fund investing in renewable energy, energy efficiency, resource/efficiency, waste recovery and climate tech/digital solutions and software and tech services industries. The fund makes investments within India.
GEF Capital Partners has investments in e-bike components manufacturer Hero Motors Ltd. and Pune-based Electra EV, according to its website.
Shares of Premier Energies settled nearly 1.9% higher at Rs 1,084.4 apiece on the NSE, compared to a flat benchmark Nifty 50. The stock has risen 29% in the last 12 months but has fallen by 19% so far this year.
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