Block Deals | Promoters offload Rs 825 crore worth of shares in Kirloskar Oil

Kirloskar Oil Engines have seen several block deals on March 8, which resulted into the stock closing the session with 20 percent upper circuit at Rs 390

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Kirloskar Oil Engines have seen several block deals on March 8, which resulted into the stock closing the session with 20 percent upper circuit at Rs 390. We have seen promoters selling nearly 18 percent stake in the company, however, 10 investors participated in block deals acquired shares worth Rs 636 crore in the company.

Promoters Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni, and Nihal Gautam Kulkarni have sold 2.56 crore shares via open market transactions, as per bulk deals data available with the exchanges.

These shares, representing 17.7 percent of the total paid-up equity of Kirloskar Oil, were sold at an average price of Rs 322 per share and worth Rs 825.06 crore.

A total of 10 investors have picked 13.65 percent stake in the engineering, power generation, and solutions company at same average price.

Franklin Templeton Mutual Fund, The Nomura Trust and Banking Co Ltd as the Trustee of Nomura Indian Stock Mother Fund, Nippon India Mutual Fund, Motilal Oswal Mutual Fund via Motilal Oswal Midcap 30 Fund, Max Life Insurance Company, HSBC Mutual Fund, Cybage Software, DSP Mutual Fund, BNP Paribas Arbitrage, and Birla Sunlife Insurance Company were the buyers in block deals, acquiring a total of 1.97 crore shares in the Pune-based diesel engines maker.

Among others, Shriram Finance was also in focus, rising nearly 2 percent to close at Rs 1,270 on the NSE as foreign investors Small Cap World Fund Inc and New World Fund Inc purchased 70.98 lakh shares in Shriram Finance at an average price of Rs 1,225.1 per share, amounting to Rs 869.8 crore.

However, Dynasty Acquisition (FPI) sold 83.5 lakh shares at an average price of Rs 1,225.41 per share, and Arkaig Acquisition (FPI) offloaded 24.98 lakh shares at an average price of Rs 1,225.01 per share. Both of them sold shares worth Rs 1,329.3 crore.

Dynasty Acquisition (FPI) had held 4.63 percent stake or 1.73 crore shares in Shriram Finance as of December 2022.

The action was also seen in Jindal Stainless which climbed 3.7 percent to Rs 310.40, continuing uptrend for sixth consecutive session. iShares Core MSCI Emerging Markets ETF has bought 33.69 lakh equity shares (0.64 percent stake) in the stainless steel company.

iShares bought those shares at an average price of Rs 309.42 per share, which are worth Rs 104.3 crore.