New Delhi, Dec 23 (PTI) SBI Mutual Fund and BlackRock on Tuesday bought a combined stake of 6.56 per cent in Belrise Industries from a promoter entity of the automotive systems manufacturer for about Rs
897 crore through open market transactions.
According to the block deal data available on the NSE, SBI Mutual Fund (MF) purchased nearly 5.13 crore shares or a 5.76 per cent stake in Belrise Industries, while BlackRock, through its arm BlackRock Emerging Markets Fund Inc, acquired over 70.50 lakh shares, representing a 0.79 per cent stake in the company.
The shares were picked up at an average price of Rs 153.70 apiece, taking the combined deal value to Rs 896.73 crore.
Following the latest transaction, US-based BlackRock’s holding in Belrise Industries rose to 1.85 per cent from 1.06 per cent.
Meanwhile, the same number of shares were offloaded by Sumedh Tools Pvt Ltd, one of the promoter group entities of Belrise Industries, at the same price, data showed on the NSE. After the share sale, Sumedh Tools exited the firm.
Shares of Belrise Industries climbed 5.89 per cent to close at Rs 167.68 apiece on the NSE.
In a regulatory filing on the exchanges, Belrise Industries said on Tuesday said that Sumedh Tools Pvt Ltd, belonging to the promoter group of the company, has sold 5,83,43,040 equity shares, representing 6.56 per cent of the paid-up equity share capital of the company through a block deal on December 23.
The sale is part of promoter group stake rationalisation, and does not result in any change in control or management of the company, it added.
In another filing, Belrise Industries announced a strategic agreement with Israel-based Plasan Sasa, an advanced armour and survivability solutions provider, to jointly manufacture electric vehicle components for military vehicles in the country. PTI HG HVA
