Abu Dhabi Investment Authority buys into Gravita India after lead maker rallies 35%

These shares were purchased by the fund at an average price of Rs 332 per share, and the fund bought the stake for the first time in Gravita India.

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Abu Dhabi Investment Authority has picked up eight-tenth of a percent stake in lead producer Gravita India through open market transactions.

The Emirate of Abu Dhabi-owned sovereign wealth fund has bought 5,56,493 equity shares in the company as per the bulk deals data available on the BSE.

These shares were purchased by the fund at an average price of Rs 332 per share, and the fund bought the stake for the first time in Gravita India.

Investor Atul Kuchhal seems to have exited the lead producer by selling almost entire shares at same price. Kuchhal sold 5,56,493 shares in Gravita on Friday, and 9,18,663 shares were sold on Thursday at an average price of Rs 332.08 per share.

At the end of June 2022, Atul Kuchhal held 14,79,156 equity shares or 2.14 percent stake in the company. After Kuchhal, ace investor Ashish Kacholia was the biggest investor in the company, with 1.81 percent shareholding.

Gravita India on Friday closed the session with 3 percent rally at Rs 342.35, while the stock surged 35 percent in last three months, which was far higher than BSE Sensex (up 7 percent) and Smallcap Index (up 14 percent).

Abu Dhabi Investment Authority has also been holding sizeable stake in many stocks including Inox Leisure, Birlasoft, Great Eastern Shipping, MCX India, Dilip Buildcon, Newgen Software, India Pesticides, Chemplast Sanmar, Sapphire India and Vijaya Diagnostic Centre as per the June 2022 shareholding.

Among other deals, India Equity Fund 1 acquired 40,000 shares in Inflame Appliances at Rs 529 per share. The stock gained 4.6 percent to close at Rs 529.60.