NEW DELHI, Mar 18: Shares of Urban Company surged over 13 per cent on the exchanges on Wednesday after SBI Mutual Fund has acquired nearly a 4 per cent stake for Rs 632 crore.
The stock rebounded sharply, surging 13.20 per cent to Rs 124.35 apiece on the BSE and rising 13.01 per cent at Rs 124.43 on the NSE.
The fund house picked up over 5.75 crore shares, or nearly a 4 per cent 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 Rs 109.83-109.85 apiece, taking the combined deal value to Rs 632.22 crore.
Following the acquisition, SBI Mutual Fund’s (SBI MF) holding in the company rose to 5.87 per cent from 1.89 per cent.
Meanwhile, Wellington Management, DF International Partners, and ABG Capital have collectively divested a 4.62 per cent stake in the firm for Rs 734 crore through separate deals on the exchanges.
A total of 6,68,41,650 shares, representing 4.62 per cent 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 per cent 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 per cent in Urban Company.
The shares were offloaded in the price range of Rs 109.85-109.93 apiece on the NSE and the BSE, taking the combined transaction value to Rs 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 per cent to 0.16 per cent.
Details of the other buyers of Urban Company’s shares could not be ascertained on the BSE. (PTI)
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