SBI Mutual Fund Hikes Stake in KPR Mill to 7.7 % for Rs 900 Crore

SBI Mutual Fund on Wednesday hiked its stake in KPR Mill to 7.74 per cent by snapping up additional 2.85 per cent shares worth over Rs 900 crore through an open market transaction.

According to the bulk deal data on the BSE, SBI Mutual Fund bought 97.35 lakh shares or 2.85 per cent stake in apparel manufacturing company KPR Mill.

The shares were picked up at an average price of Rs 925 apiece, taking the transaction value to Rs 900.54 crore.

After the stake buy, SBI Mutual Fund's holding in KPR Mill has been increased to 7.74 per cent from 4.89 per cent.

Details of the other buyers of KPR Mill's shares could not be identified on the BSE.

Meanwhile, KP Ramasamy, one of the promoters of KPR Mill sold 1.05 crore shares or 3.07 per cent stake in the company at an average price of Rs 925.12 apiece.

This took the deal value to Rs 971.38 crore.

After the transaction, KP Ramasamy's stake has come down to 18.3 per cent from 21.37 per cent. Additionally, the combined stakeholding of promoters and promoter group entities of KPR Mill has declined to 70.69 per cent from 73.76 per cent.

Shares of KPR Mill fell 0.82 per cent to close at Rs 1,002.75 apiece on the BSE.

Last week, SBI Mutual Fund increased its stake in building materials company Nuvoco Vistas Corporation by acquiring nearly 3 per cent stake for over Rs 158 crore.

In a separate transaction on the BSE, Societe Generale and Vikasa Capital pared a 1.43 per cent stake in SpiceJet for Rs 116 crore through open market transactions.

Paris-based Societe Generale sold 83.56 lakh shares of SpiceJet and Vikasa Capital through its affiliate Vikasa India EIF I Fund offloaded 1 crore shares, amounting to a combined 1.43 per cent stake in Gurugram-based domestic carrier SpiceJet, as per the bulk deal data on the BSE.

The shares were disposed of in the price range of Rs 62.90-63.13 apiece, taking the transaction value to Rs 115.69 crore.

Meanwhile, Societe Generale acquired 9.40 lakh shares of SpiceJet at an average price of Rs 62.43 apiece.

This took the deal value to Rs 5.87 crore.

Details of the other buyers of SpiceJet's shares could not be ascertained.

The scrip of SpiceJet declined 5.54 per cent to end at Rs 62.38 apiece on the BSE.

SpiceJet on Tuesday said it has successfully resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC, which had previously claimed $16.7 million, has agreed to settle for an undisclosed amount, which is lower than the initial claim.

On Monday, SpiceJet said it has raised Rs 3,000 crore through a Qualified Institutional Placement (QIP).

The QIP, which opened on September 16 and closed on September 18, received an overwhelming response from qualified investors and got oversubscribed, demonstrating strong investor confidence in the company's growth prospects.