SBI Mutual Fund hikes stake in KPR Mill to 7.7 pc for Rs 900 crore

New Delhi : SBI Mutual Fund increased its ownership in KPR Mill to 7.74 percent by purchasing an extra 2.85 percent shares valued at more than Rs 900 crore in an open market deal on Wednesday. Based on the bulk deal information available on the BSE, SBI Mutual Fund acquired 97.35 lakh shares, representing a 2.85 percent ownership stake in KPR Mill, a company involved in apparel manufacturing. The stocks were acquired at a mean cost of Rs 925 each, resulting in a total transaction amount of Rs 900.54 crore. Following its purchase of additional shares, SBI Mutual Fund now owns 7.74 per cent of KPR Mill, up from 4.89 per cent.

Information about the remaining purchasers of KPR Mill's stocks was unidentifiable on the BSE. At the same time, KP Ramasamy, a promoter of KPR Mill, offloaded 1.05 crore shares, representing a 3.07 pc stake in the company, at an average price of Rs 925.12 each. This increased the total value of the deal to Rs 971.38 crore. Following the transaction, KP Ramasamy now owns 18.3 per cent of the stake, which is a decrease from 21.37 per cent. Furthermore, the total ownership of promoters and promoter group entities in KPR Mill has decreased to 70.69 per cent from 73.76 per cent. KPR Mill's shares dropped by 0.82 pc and ended at Rs 1,002.75 each on the BSE. SBI Mutual Fund boosted its ownership in Nuvoco Vistas Corporation by purchasing close to 3 per cent stake worth more than Rs 158 crore last week. In another deal on the BSE, Societe Generale and Vikasa Capital sold a 1.43 per cent share in SpiceJet for Rs 116 crore in open market trades.

The SpiceJet stock fell by 5.54 percent and closed at Rs 62.38 per share on the BSE. SpiceJet announced on Tuesday that it has reached a friendly resolution with Engine Lease Finance Corporation (ELFC) to resolve their dispute. ELFC, who initially asked for USD 16.7 million, has decided to reach a settlement for a lower, undisclosed amount. SpiceJet announced on Monday that it successfully completed a QIP and raised Rs 3,000 crore. The QIP began on September 16 and ended on September 18, receiving a great response from qualified investors and becoming oversubscribed, showing high investor trust in the company's potential for growth.