Sharda Motor Industries Ltd. promoter Mala Relan divested 8.4% stake in the company for Rs 99 crore through open market transactions on Wednesday. Relan offloaded 25 lakh shares for an average price of Rs 1,996.1 apiece.
The combined stake of promoter and promoter group entities of Sharda Motor Industries has slumped to 64.8% from 73.2%. Mala Relan held 8.76% equity as of March.
ICICI Prudential Mutual Fund bought 5.13 lakh shares (1.72%), Nippon India Mutual Fund 4.13 lakh shares (1.39%) and HDFC Manufacturing Fund purchased 3.11 lakh shares (1.04%). Axis Mutual Fund, Eastspring Investments India Fund, Edelweiss MF, 3P India Equity Fund 1, and Birla Sun Life Insurance were among the other buyers.
Shares of Sharda Motor Industries closed 3.13% higher at Rs 2,060.1 apiece, as compared to a 0.86% advance in the benchmark BSE Sensex.
(With inputs from PTI)
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