HDFC Mutual Fund offloads 1.45 per cent stake in Escorts Kubota for Rs 453 crore

Representational Image. File pic.

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

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

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

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

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

Details of other buyers could not be ascertained.

Escorts Kubota shares rose nearly 1 per cent on Thursday to trade at Rs 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 per cent stake in Molbio Diagnostics for Rs 394 crore.

The shares were offloaded at an average price of Rs 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 per cent stake, for over Rs 361 crore.

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

Molbio Diagnostics stock declined 3.39 per cent to trade at Rs 1,266 apiece on the BSE.

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