Bajaj Consumer Care jumps 20% after promoters sell 22% stake

HDFC Mutual Fund bought 5.25 per cent stake in Bajaj Consumer, followed by ICICI Prudential Mutual Fund (2.52 per cent) and Aditya Birla Sun Life Mutual Fund (1.76 per cent).

Shares of Bajaj Consumer Care surged 20 per cent to Rs 235, erasing its entire previous day’s fall of 15 per cent, on the BSE on Wednesday after Mutual Funds-led institutional investors bought more than 20 per cent stake from the promoters of the personal products company.

On Tuesday, Shishir-Kushagra Bajaj family, the promoters of Bajaj Consumer Care, sold nearly 22 per cent of their stake in the company for Rs 627 crore to pay-off debt and remove the pledge on stake from the banks.

Bajaj Resources sold 32.26 million equity shares, representing 21.87 per cent stake, in Bajaj Consumer