SBI Mutual Fund raises stake in this agro stock. Share rises 13% in four days

Market


SBI Mutual Fund has raised stake in Hatsun Agro Product Ltd. As per the bulk deals detail available on BSE and NSE, the mutual fund arm of State Bank of India (SBI) has bought 15,20,000 fresh shares of the company from open market on 6th September 2022. The mutual fund house bought these shares paying 987.80 apiece. This means SBI Mutual Fund has invested 1,50,14,56,000 or around 150 crore in this agro stock. Sundaram Mutual Fund also bought 12 lakh shares of the company investing around 118 crore in the company.

Impact on Hatsun Agro share price

After the newsbreak of these mutual funds buying stake in Hatsun Agro Product Ltd, the agro stock has been in continuous uptrend. In last four days, this agro share has risen from around 988 apiece levels to 1117 per share levels, ascending to the tune of near 13 per cent in last four days.

SBI Mutual Fund block deal

As per the information available in stock market exchange filing, SBI Mutual Fund has informed that it has bought 15.2 lakh fresh shares of Hatsun Agro Product Ltd and now its net shareholding in the company has gone up to 12,111,562 shares of the company, which is 5.6186 per cent of total paid up capital of the company. Prior to this open market purchase, SBI Mutual Fund was holding 10,591,562 shares of the company, which was 4.9134 per cent of total paid up capital of the company. This means, SBI Mutual Fund’s shareholding in the company has gone up by 0.70 per cent after this open market shopping.

“We wish to inform you that SBI Mutual Fund under its various schemes has acquired 15,20,000 Shares of your Company resulting to acquisition of above 5% of the paid up share capital of your Company. Pursuant to Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, please find enclosed report detailing our holding in your Company. The holding of SBI Mutual Fund, under its various schemes, as at close of business hours on September 06, 2022 was 1,21, 11,562 shares, which is 5.6186% of paid up share capital of your Company,” SBI Mutual Fund informed the company, which is available in its exchange filing.

Sundaram Mutual Fund invests 118 crore

Apart from SBI Mutual Fund, Sundaram Mutual Fund also bought 12 lakh shares of the company paying 987.80 apiece to the company. This means, Sundaram Mutual Fund invested 1,18,53,60,000 or around 118 crore.

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