IndiaMART shares surge the most since July 2023 after marquee fund buys stake

Shares of IndiaMART InterMESH Ltd. surged over 8% on Friday, January 16, marking their biggest single-day gain since July 2023. The stock has gained in three out of the last four trading sessions.

As per block deal data available on the exchanges, Nalanda India Equity Fund Ltd. bought 11 lakh shares of IndiaMART on Friday in large transactions. Shares were purchased at an average price of ₹2,110 per share, taking the total transaction value to ₹232 crore.

Smallcap World Fund Inc. was the seller in that transaction. At the end of the September quarter, the Smallcap World Fund had a 1.83% stake in the company.

Among major public shareholders, India's Mutual Funds have a 11.61% stake in IndiaMART, led by ICICI Prudential Technology Fund (2.81%), SBI Smallcap Fund (3.57%) and UTI Flexicap Fund (3.57%).

As many as 1.56 lakh small retail shareholders, or those with authorized share capital of up to ₹2 lakh, have a 9.7% stake in IndiaMART, at the end of the September quarter.

Promoters of IndiaMART have a 49.17% stake in the company. The shareholding pattern for the December quarter is yet to be disclosed.

Shares of IndiaMART Intermesh are trading 7.7% higher on Friday at ₹2,275.8. The stock is down close to 20% from its recent 52-week high of ₹2,799 apiece.