Kotak MF, Abakkus lead ₹830-cr buying in Axiscades stake sale; stock jumps over 7%
All the buyers acquired the shares at the same price of ₹1,824 apiece
Domestic investors, including Kotak Mahindra Mutual Fund and Abakkus, collectively increased their holdings in Axiscades Technologies by acquiring 10.7% of the company's stake on sale by promoter Jupiter Capital. The transaction, executed on Tuesday at an average price of ₹1,824 per share, valued the deal at ₹829.72 crore. Following the deal, Axiscades Technologies shares surged 7.48% on Wednesday, trading at ₹2,222 apiece.
Jupiter Capital, one of the promoters, sold over 45.48 lakh shares, which constituted a 10.69% stake in the company. The company's shareholding fell below the 50% mark, dropping from 58.03% to 47.34%. Kotak Mahindra Mutual Fund emerged as the largest buyer, acquiring over 20.83 lakh shares, or nearly 5% of Axiscades, for ₹380 crore.
Abakkus, led by Sunil Singhania, was the second-largest buyer, acquiring 12.88 lakh shares, or 3.03% of the company, for ₹235 crore. Other buyers included Bharat Biotech-backed Skegen Asset Management LLP and investor Vanaja Sundar. All buyers purchased the shares at the same price of ₹1,824. In a separate deal, Motilal Oswal Mutual Fund purchased 1.04 lakh shares of Centum Electronics for over ₹51.52 crore on NSE. However, the shares of Centum Electronics fell nearly 3% to ₹4,788.60 apiece on the exchange.
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