SBI Mutual Fund Raises Stake in KPR Mill to 7.74% with Rs 900 Crore Investment

SBI Mutual Fund has increased its stake in KPR Mill to 7.74% by acquiring an additional 2.85% of shares. This purchase, made through an open market transaction, involved buying 97.35 lakh shares at an average price of Rs 925 each, totalling Rs 900.54 crore. Previously, SBI Mutual Fund held a 4.89% stake in the apparel manufacturer.

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SBI Mutual Fund's Strategic Moves

Last week, SBI Mutual Fund also boosted its stake in Nuvoco Vistas Corporation, a building materials company. They acquired nearly 3% of the company's shares for over Rs 158 crore. This move aligns with their strategy to diversify and strengthen their investment portfolio across various sectors.

KP Ramasamy, a promoter of KPR Mill, sold 1.05 crore shares or a 3.07% stake at an average price of Rs 925.12 each, amounting to Rs 971.38 crore. Following this sale, Ramasamy's holding decreased from 21.37% to 18.3%. The overall promoter group's stake in KPR Mill also fell from 73.76% to 70.69%.

SpiceJet Share Transactions

In another development on the BSE, Societe Generale and Vikasa Capital reduced their combined stake in SpiceJet by 1.43%, selling shares worth Rs 116 crore through open market transactions. Societe Generale sold 83.56 lakh shares while Vikasa Capital offloaded one crore shares via its affiliate Vikasa India EIF I Fund.

Societe Generale also acquired 9.40 lakh shares of SpiceJet at an average price of Rs 62.43 each, with the transaction valued at Rs 5.87 crore. However, details about other buyers of SpiceJet's shares remain undisclosed.

SpiceJet's Financial Updates

SpiceJet recently announced resolving its dispute with Engine Lease Finance Corporation (ELFC) through a settlement for an undisclosed amount lower than the initial USD 16.7 million claim. Additionally, SpiceJet raised Rs 3,000 crore via a Qualified Institutional Placement (QIP), which opened on September 16 and closed on September 18.

The QIP received strong interest from investors, indicating confidence in SpiceJet's future growth potential. Despite these developments, SpiceJet's stock fell by 5.54%, closing at Rs 62.38 per share on the BSE.

KPR Mill's stock also experienced a decline, dropping by 0.82% to close at Rs 1,002.75 per share on the BSE after these transactions were reported.

These strategic moves by SBI Mutual Fund and other stakeholders reflect ongoing shifts in investment strategies within India's financial markets as companies seek to optimise their portfolios and capitalise on emerging opportunities across different sectors.