 "Mutual Funds")
SBI Mutual Fund (MF) has aggressively hiked stake in homegrown FMCG company Emami. The country’s third-largest fund house’s stake in the company increased from 0.68 per cent to 8.8 per cent.
This stake was acquired from Emami promoters who offloaded their shareholding in February and June to repay lenders and bring down their pledged shares.
On February 18, SBI MF picked up 4.49 per cent of the 10 per cent stake sold by the promoter at Rs 355 per share. On June 24, it acquired another 3.67 per cent when the promoters offloaded another 10 per cent stake — this time the acquisition cost was Rs 270 per share.
