Urban Company Shares Surge Over 13 Pc after SBI MF Buys Stake for ₹632 Cr

Shares of Urban Company surged over 13% on the exchanges on Wednesday after SBI Mutual Fund has acquired nearly a 4 % stake for ₹ 632 crore.

The stock rebounded sharply, surging 13.20 % to ₹ 124.35 apiece on the BSE and rising 13.01%at ₹ 124.43 on the NSE.

The fund house picked up over 5.75 crore shares, or nearly a 4$ stake in Urban Company, through bulk and block deals on the BSE and the NSE on Tuesday.

The shares were picked up in the price range of ₹ 109.83-109.85 apiece, taking the combined deal value to ₹ 632.22 crore.

Following the acquisition, SBI Mutual Fund's (SBI MF) holding in the company rose to 5.87% from 1.89%.

Meanwhile, Wellington Management, DF International Partners, and ABG Capital have collectively divested a 4.62% stake in the firm for ₹ 734 crore through separate deals on the exchanges.

A total of 6,68,41,650 shares, representing 4.62% stake in Gurugram-based Urban Company, were sold by these three entities.

Wellington Management, through its affiliate Wellington Hadley Harbor AIV Master Investors (Cayman) III Ltd, offloaded nearly 3.18 crore shares in two tranches, amounting to a 2.20% holding in Urban Company, according to BSE data.

On the NSE, DF International Partners, via its affiliate DF International Partners II LLC, sold over 1.76 crore shares and while ABG Capital disposed of 1.74 crore shares, taking their combined stake sale to 2.42% in Urban Company.

The shares were offloaded in the price range of ₹ 109.85-109.93 apiece on the NSE and the BSE, taking the combined transaction value to ₹ 734.39 crore.

Following the stake sale, Wellington Management exited Urban Company, while DF International's affiliate also exited, though other affiliates of the firm continue to hold shares. ABG Capital, however, have pared its stake from 1.36% to 0.16%.

Details of the other buyers of Urban Company's shares could not be ascertained on the BSE