Significant bulk deals reshaped ownership in two Indian companies last week, with Motilal Oswal Mutual Fund increasing its stake in an electrical components manufacturer and Fidelity divesting its holding in a major mutual fund registrar. These transactions, executed on September 10, saw substantial movements of shares and capital.
Motilal Oswal MF Acquires Stake in Spectrum Electrical
Motilal Oswal Mutual Fund acquired a 0.73% stake in Spectrum Electrical Industries, an electrical components manufacturer, through an open-market transaction. The mutual fund purchased 1.15 lakh shares from Ajay Bhikamchand Jain for Rs 30.48 crore, with the transaction priced at Rs 2,651 per share.
Following heightened investor interest, Spectrum Electrical Industries shares have demonstrated a strong performance, hitting the 5% upper circuit for six consecutive trading sessions. The stock closed at a new record high of Rs 2,878.60 on the NSE, reflecting investor confidence fueled by the recent buying activity.
Fidelity Offloads CAMS Stake; Societe Generale and Goldman Sachs Step In
In a separate major bulk deal, Fidelity divested a 2.69% stake in Computer Age Management Services (CAMS), India's largest registrar and transfer agent for mutual funds. Fidelity Rutland Square Trust II Strategic Advisers FIDEMG Markets Fund and FMRC Fidelity Emerging Markets Fund collectively sold 66.97 lakh CAMS shares for a total of Rs 456.64 crore, at an average price of Rs 681.80 apiece.
On the buying side, Societe Generale ODI acquired 37.11 lakh shares, representing a 1.49% stake, for Rs 253.05 crore. Concurrently, Goldman Sachs Investments Mauritius I purchased 35.96 lakh shares, equivalent to a 1.45% stake, for Rs 245.16 crore. Together, Societe Generale and Goldman Sachs secured a combined 2.94% stake in CAMS at an average price of Rs 681.75 per share, closely matching Fidelity's exit price.
Bharat Battery Trust Buys into Vedavaag Systems
Another notable transaction involved the employee provident fund trust of Bharat Battery Manufacturing Company, which acquired a 1.11% stake in Vedavaag Systems. The Bharat Battery Manufacturing Company Private Limited Provident Fund Institution purchased 2.61 lakh shares of the IT sales and services company for Rs 57.82 lakh, at Rs 22.10 per share. Vedavaag Systems shares also saw significant movement, closing at Rs 22.21 on the NSE after hitting a 20% upper circuit and a new record high.