CMS Info Systems soars 5% after MFs buy promoter stake

On February 27, promoter Sion Investments, an affiliate of Baring Private Equity Asia, unloaded its entire 26.68 percent stake in CMS Info Systems through open market

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Shares of CMS Info Systems surged 5 percent in the opening trade on February 28, buoyed by the strong institutional interest in the counter. A flurry of big institutional players, foreign as well as domestic, rushed to buy the promoter’s stake in the cash management solutions provider.

At 9.22 am, CMS Info Systems was trading at Rs 399 on the National Stock Exchange.

On February 27, promoter Sion Investments, an affiliate of Baring Private Equity Asia, unloaded its entire stake in the company through open market transactions.

It sold over 4.17 crore shares, accounting for a 26.68 percent stake, at an average price of Rs 370.38 apiece, taking the deal value to Rs 1,547.15 crore.

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Institutional players were quick to grab a piece of the stake. Societe Generale, Morgan Stanley Asia Singapore PTE, Kotak Small Cap fund, ICICI Prudential Mutual Fund, IIFL Securities, Think India Opportunities Master Fund LP, Abu Dhabi Investment Authority-WAY, Nomura Funds Ireland Public, India Equity Fund, AIG Global Investment Corporation, India Acorn ICAV, WF Asian Reconnaissance Fund and Mathew Cyriac of Florintree Advisors were among those who bought a stake in the company.

ICICI Prudential Mutual fund grabbed the biggest piece of the pie, acquiring a 3.58 percent stake at an average price of Rs 370.05. The firm infused a total of Rs 207.61 crore to acquire the stake.

Nomura and Kotak bought shares worth Rs 159.51 crore and Rs 134.17 crore.

The strong institutional interest in the counter also provided confidence to investors, who lapped up CMS Info shares.

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