HDFC Mutual Fund sells 1.45% stake in Escorts Kubota for ₹453 cr
HDFC MF’s holding in Escorts Kubota through its schemes declines to 5.49% from 6.94%
HDFC Mutual Fund sold a stake worth ₹453 crore in Escorts Kubota, a firm specializing in agriculture and engineering, on the BSE. The sale involved the transfer of 16.21 lakh shares, which constituted 1.45 percent of the company's stake. Executed on Wednesday at an average price of ₹2,794 per share, the deal brought HDFC MF's ownership in the company down to 5.49 percent from 6.94 percent.
In exchange, Nippon India Mutual Fund acquired 12.94 lakh shares, or 1.16 percent of Escorts Kubota, for ₹361.69 crore. The remaining buyers' identities were not disclosed. Since the transaction, Escorts Kubota shares have climbed almost 1 percent, currently trading at ₹2,820.75 each. Additionally, Business Excellence Trust III, a Sebi-registered alternative investment fund, sold a 2.6 percent stake in Goa-based Molbio Diagnostics for ₹394 crore.
This included the offloading of 29.96 lakh shares at an average price of ₹1,315 each. Despite this sale, Business Excellence Trust III continues to be the largest public shareholder in Molbio Diagnostics. Kotak Mahindra MF added to its holding by purchasing 27.50 lakh shares, representing nearly a 2.4 percent stake, for over ₹361 crore.
However, Molbio Diagnostics' stock price dropped 3.39 percent to ₹1,266 on the BSE following the announcement.
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