Mirae Asset, BlackRock, others buy 1.8% stake in AB Capital for ₹1,136 cr

Mirae Asset MF, BlackRock, and Goldman Sachs, among others, on Wednesday bought a 1.8 per cent stake in financial services company Aditya Birla Capital for Rs 1,136 crore through open market transactions.

 

Motilal Oswal Mutual Fund (MF), Edelweiss MF, HSBC MF, LIC MF, New York State Teachers Retirement System, Dublin-based Mediolanum International Funds, Manulife Investment Management, Nordea Asset Management and Eaton Vance were among the buyers of Aditya Birla Capital's shares, as per the block deal data on the BSE and NSE. 

 

Eaton Vance is part of the Morgan Stanley Investment Management (MSIM). It is an asset management division of US-based Morgan Stanley. These entities purchased a total of 4.68 crore equity shares or 1.8 per cent stake in Mumbai-based Aditya Birla Capital at an average price of Rs 242.65 apiece on the BSE and National Stock Exchange (NSE).

 

This took the combined deal value to Rs 1,135.60 crore. 

Meanwhile, private equity firm Advent International, through its special purpose vehicle Jomei Investments, offloaded 2.34 crore shares of Aditya Birla Capital each on both the BSE and NSE. After the share sale, the shareholding of Jomei Investments in AB Capital dipped to 2.04 per cent from 3.84 per cent. 

 

The shares of Aditya Birla Capital rose 1.46 per cent to close at Rs 246.25 per piece on the BSE, while it gained 1.47 per cent to settle at Rs 246.22 apiece on the NSE. 

In September 2019, AB Capital said that it had received approval from its board to raise primary equity capital of Rs 2,100 crore through a preferential allotment to certain marquee investors, including Advent International and the company's promoters.