Mirae Asset MF, BlackRock, others buy nearly 1% stake in AB Capital for Rs 568 cr

Synopsis

Mirae Asset MF, BlackRock, and Goldman Sachs, among others, on Wednesday bought nearly a 1 per cent stake in financial services company Aditya Birla Capital for Rs 568 crore through open market transactions.

Mirae Asset MF, BlackRock, and Goldman Sachs, among others, on Wednesday bought nearly a 1 per cent stake in financial services company Aditya Birla Capital for Rs 568 crore through open market transactions.

Motilal Oswal Mutual Fund (MF), Edelweiss MF, HSBC MF, New York State Teachers Retirement System, Dublin-based Mediolanum International Funds, and investment management firm Eaton Vance were among the buyers of Aditya Birla Capital's shares, as per the block deal data available on the BSE.

Eaton Vance is part of the Morgan Stanley Investment Management (MSIM). MSIM is the asset management division of US-based Morgan Stanley.

These entities purchased 2.34 crore equity shares or 0.9 per cent stake in Mumbai-based Aditya Birla Capital at an average price of Rs 242.65 apiece, taking the aggregate deal value to Rs 567.80 crore.

Meanwhile, private equity firm Advent International through its special purpose vehicle Jomei Investments offloaded an equal number of shares in Aditya Birla Capital (AB Capital).

Following the share sale, the stakeholding of Jomei Investments in AB Capital dipped to 2.94 per cent from 3.84 per cent.

The shares of Aditya Birla Capital rose 1.46 per cent to close at Rs 246.25 per piece on the BSE.

In September 2019, AB Capital said that it had received approval from its board to raise primary equity capital of Rs 2,100 crore through a preferential allotment to certain marquee investors, including Advent International, and the company's promoters.

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