HDFC Mutual Fund Sells 1.45% Stake In Escorts Kubota For ₹453 Cr

HDFC Mutual Fund sold a little over 1.4% stake in agriculture and engineering firm Escorts Kubota for ₹453 crore through a bulk deal on the BSE.

HDFC Mutual Fund (MF) offloaded 16.21 lakh shares, representing a 1.45% stake, in Faridabad-based Escorts Kubota, according to exchange data.

The transaction took place on Wednesday at an average price of ₹2,794 per share, valuing the deal at ₹453 crore.

Following the sale, HDFC MF's holding in the company through its schemes declined to 5.49% from 6.94%.

On the other side of the transaction, Nippon India Mutual Fund bought 12.94 lakh shares, or a 1.16% stake, in Escorts Kubota at the same price, taking the deal value to ₹361.69 crore.

Details of other buyers could not be ascertained.

Escorts Kubota shares rose nearly 1% on Thursday to trade at ₹2,820.75 apiece.

In a separate bulk deal on the BSE on Wednesday, Business Excellence Trust III, a Sebi-registered alternative investment fund, sold 29.96 lakh shares, or a 2.6% stake in Molbio Diagnostics for ₹394 crore.

The shares were offloaded at an average price of ₹1,315 apiece.

Business Excellence Trust III is managed by Motilal Oswal Alternates, the private equity arm of Motilal Oswal Financial Services Ltd.

Despite the stake sale, Business Excellence Trust III remained the largest public shareholder in Goa-based Molbio Diagnostics.

Meanwhile, Kotak Mahindra MF acquired 27.50 lakh shares, amounting to nearly a 2.4% stake, for over ₹361 crore.

Details of other buyers of Molbio Diagnostics' shares could not be ascertained.

Molbio Diagnostics stock declined 3.39% to trade at ₹1,266 apiece on the BSE.