Sundram Fasteners promoter sells 1.57% stake for Rs 434 cr
TVS Sundram Fasteners sold 32.95L shares at the price of Rs 1,318 apiece. SBI Mutual Fund (MF) and Nippon India MF increased its stake in the company
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New Delhi: TVS Sundram Fasteners, one of the promoters of Sundram Fasteners, on Tuesday, divested a 1.57 per cent stake in the auto component manufacturer for Rs 434 crore via an open market transaction while SBI Mutual Fund (MF) and Nippon India MF increased its stake in the company.
Sundram Fasteners Limited is a part of the TVS Group. According to the block deal data available on the National Stock Exchange (NSE), TVS Sundram Fasteners sold 32.95 lakh shares, amounting to a 1.57 per cent stake in Chennai-based Sundram Fasteners. The shares were offloaded at the price of Rs 1,318 apiece, taking the transaction value to Rs 434.34 crore.
After the share sale, TVS Sundram Fasteners' stake in the auto component manufacturer Sundram Fasteners has declined to 46.79 per cent from 48.36 per cent. Meanwhile, SBI MF acquired 22 lakh shares or a 1.05 per cent stake in Sundram Fasteners while Nippon India MF purchased 10.95 lakh shares, representing a 0.52 per cent shareholding in the company, as per the data. Shares of Sundram Fasteners gained 0.09 per cent to close at Rs 1,332.15 per piece on the NSE.
