MFs trim blue-chip stocks, cash reserves to capitalise on block deals

Domestic mutual funds (MFs) strategically reduced holdings in blue-chip stocks and cash reserves to make significant investments in companies involved in large block deals in June.

 

Fund managers acquired shares worth ₹10,500 crore in Asian Paints, with SBI MF and ICICI Prudential MF leading the purchase of a nearly 5 per cent stake sold by Reliance Industries. MFs also invested ₹8,200 crore in Vishal Mega Mart, where Kedaara Capital sold a 19.6 per cent for ₹10,223 crore.

 

They also invested ₹4,900 crore in Bajaj Finserv, where promoter entities divested 1.8 per cent stake sale for ₹5,506 crore.

 

According to Nuvama