Clarios ARBL Holding exits Amara Raja, Rekha Jhunjhunwala offloads 5.5% stake in Rallis India

Rekha Jhunjhunwala, the widow of the late Rakesh Jhunjhunwala, has sold 5.5 percent stake in Rallis India.

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Foreign investor Clarios ARBL Holding LP has exited Amara Raja Batteries by selling the entire 2.39 crore equity shares or 14 percent stake via open market transactions on July 18.

The average selling price for shares was Rs 652.97 per share, and the stake sale was worth Rs 1,561.5 crore.

However, Tata AIA Life Insurance Company, BNP Paribas Arbitrage, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, Pinebridge Investments Asia Limited A/C PB Global Funds – Pinebridge India EqFund, and Societe Generale were buyers for some of those shares in the automotive battery manufacturer. They have bought 1.2 crore equity shares or a 7.07 percent stake in the company at an average price of Rs 652 per share.

Amara Raja Batteries shares corrected by more than 6 percent to close at Rs 643.

Rallis India was also in focus. Rekha Jhunjhunwala, the widow of the late Rakesh Jhunjhunwala, has sold a 5.5 percent stake in the Tata Group company.

She sold 9.96 lakh shares at an average price of Rs 220.35 per share, and 97 lakh shares at an average price of Rs 215.05 per share. As of June 2023, 5.5 percent stake or 1.06 crore shares were held in the name of Rekha Rakesh Jhunjhunwala, and 2.25 percent stake or 43.75 lakh shares were in the name of Rekha Jhunjhunwala.

However, promoter Tata Chemicals has bought 97 lakh shares or 4.99 percent stake in Rallis India at an average price of Rs 215.05 per share, and Ratnabali Investment purchased 10 lakh shares at an average price of Rs 223.29 per share.

Rallis India shares rallied 2.7 percent to settle at Rs 221.

Rama Steel Tubes shares gained 2.4 percent at Rs 40.15. Europe-based financial services group Societe Generale has bought 60 lakh equity shares or 1.21 percent stake in the steel pipes maker at an average price of Rs 38.17 per share.

Eris Lifesciences was also in focus, rising 0.87 percent to Rs 728.55. HDFC Mutual Fund has bought 8.29 lakh equity shares or 0.61 percent stake in the pharma company at an average price of Rs 728.49 per share.

However, high networth individual Rakesh Shah was the seller in the deal, offloading 9 lakh shares in Eris at an average price of Rs 728.5 per share. Shah held 11.53 percent stake or 1.56 crore shares in the company as of June 2023.

Bright Outdoor Media shares climbed 3.5 percent to Rs 292. Aegis Investment Fund PCC has bought 2.6 lakh shares in the company at an average price of Rs 290 per share, and Aegis Investment Fund purchased 2 lakh shares at an average price of Rs 291.13 per share.