SAT Industries zooms 8% as Vikas Khemani’s fund buys stake in subsidiary

SAT Industries sold a 3.55 percent stake in Aeroflex Industries to Carnelian Structural Fund managed by Khemani and others for Rs 35.58 crore

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Shares of SAT Industries jumped 8 percent in the morning trade on June 14 after the company said Vikas Khemani’s fund bought a stake in the investment company’s material subsidiary.

At 9.54 am, SAT Industries was quoting at Rs 74.50, up 2.9 percent. The stock was trading with volumes of 29,112 shares against its five-day average of 24,267 shares, an increase of 20 percent.

SAT Industries sold 40,63,337 equity shares, representing a 3.55 percent stake, held in its material subsidiary Aeroflex Industries to Carnelian Structural Fund managed by Vikas Khemani, Jagdish Master, Rosy Blue India Private, VPK Global Ventures Fund, Samedh Trinity Partners, Shyam Agarwal, Mitul Prafulbhai Mehta and Rajnik Savaliya for Rs 35.58 crore, the company said in an exchange filing.

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In March 2023 quarter, the company’s consolidated net sales were down a percent on year on year (YoY) basis at Rs 107.07 crore, while net profit rose 15 percent to Rs 9.63 crore.

In May, marquee investor Ashish Kacholia had bought a stake in Aeroflex Industries. SAT Industries sold a 4.05 percent stake in Aeroflex Industries to Kacholia and Bengal Finance & Investments for Rs 40.56 crore.

SAT Industries has a presence in a wide range of activities such as manufacturing, global outsourcing of products and services, real estate, mining and marketing activities.

Aeroflex Industries manufactures stainless steel flexible flow solutions. In April 2023, Aeroflex Industries filed a draft red herring prospectus with the Securities Exchange Board of India to raise around Rs 350 crore through an initial public offering.

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