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 at price of Rs 194.56 per share on the BSE, bulk deal data shows.
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). Natwest Bank PLC, as trustee of Jupiter India Fund, Steinberg India Emerging Opportunities Fund and ICG Q from the foreign portfolio investors have purchased between 1-2 per cent stakes in the company from open market.
On Tuesday, shares of Bajaj Consumer hit an intra-day low of Rs 193, its lowest level since November 2012.
Previously on March 12, 2019, Bajaj Resources had offloaded 10.1 million shares, representing 6.85 per cent stake, in Bajaj Consumer Care for Rs 320 crore.
The promoter sold shares at the price of Rs 316.42 per share on the BSE.
In the past two trading days, the stock has tanked 19 per cent after it reported a disappointing set of numbers for the quarter ended September 2019. In comparison, the S&P BSE Sensex gained 1 per cent till Tuesday.