Minda Corporation shares hit 52-week high after Motilal Oswal, Kotak MF buy stake

Shares of Minda Corporation Limited traded higher by 5.4 percent to Rs 449 in morning trade on February 20 after Kotak Mutual Fund and Motilal Oswal Mutual Fund bought Rs 324.96 crore worth of equity stake in the company.

This comes after investor Bella Agarwal offloaded her entire 1,08,50,700 shares or 4.53 percent stake in the company at an average price of Rs 403 valuing the deal at Rs 437.28 crore.

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At 9:30 am, the stock was trading at Rs 436, up 2.5 percent from the previous close on the NSE. The stock has gained 25 percent on the bourses in the last three months.

As per bulk deal data on the exchanges, Motilal Oswal Financial Services purchased 4,370,000 shares, a 1.82 percent stake, at Rs 403 per share in the company valuing the total deal at Rs 176.11 crore. Kotak Mahindra Mutual Fund picked up 3,693,700 shares at the same price for Rs 148.85 crore.

In January, the company offloaded a 15.07 percent stake in automotive components maker Pricol Ltd for around Rs 631 crore through an open market transaction.

The buyers in the block deal included ICICI Prudential Mutual Fund (MF), Fidelity India Fund, Tata MF, Aditya Birla Sun Life Insurance Company, Goldman Sachs India, City of New York Group Trust, and Carnelian Asset Management & Advisors, among others.

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