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HDFC Mutual Fund hikes stake in Patni Computer

Press Trust of India  |  Mumbai 

Domestic mutual fund house HDFC Mutual Fund has raised its stake in IT services provider Patni Computer Systems to 5.18 per cent by acquiring additional 50 lakh shares for about Rs 55 crore.

Patni Computer Systems, in a disclosure to the Bombay Stock Exchange, said that HDFC Mutual Fund has acquired 50 lakh shares, representing 3.9 per cent stake in the company, through open market transactions.

Post acquisition, HDFC Mutual Fund holds a 5.18 per cent stake in Patni Computer.

The acquisition of shares was made on March 13, 2009, it added.

Calculated on the closing share price of Patni Computer on March 13, the value of shares is worth about Rs 55 crore.

Before the acquisition, HDFC Mutual Fund had a 1.28 per cent stake in the company.

Shares of Patni Computer Systems were quoted at Rs 114.20 on BSE in afternoon, up 4.87 per cent over the previous close.

First Published: Tue, March 17 2009. 13:48 IST