SBI MF reduces stake in McDowell Holdings by 3%

SBI Mutual Fund has cut its stake by 3 per cent in Vijay Mallya-led McDowell Holdings to 5.77 per cent.

SBI Mutual Fund, which had 8.77 per cent earlier, brought down its shareholding in the company to 5.77 per cent, McDowell Holdings said in a filing to BSE.

SBI MF sold 4.22 lakh shares of the company on July 8 and based on the closing stock price of Rs 33.75, the transaction is estimated to have been valued at Rs 1.41 crore.

McDowell Holdings is a UB Group firm.

The company's stock was trading at Rs 32.10 on BSE, down 0.62 per cent.