Capital Group buys 1% stake in APL Apollo Tubes for Rs 446 crore

US-based Capital Group through its affiliate New World Fund Inc acquired shares of APL Apollo Tubes on the National Stock Exchange (NSE).

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Financial services company Capital Group on Wednesday bought 1 per cent stake in APL Apollo Tubes for Rs 446 crore through an open market transaction. US-based Capital Group through its affiliate New World Fund Inc acquired shares of APL Apollo Tubes on the National Stock Exchange (NSE).

According to the bulk deal data available with the NSE, New World Fund Inc purchased 27,89,398 shares, amounting to a 1 per cent stake in APL Apollo Tubes. The shares were picked up at an average of Rs 1,601.10 apiece, taking the transaction value to Rs 446.61 crore.

Meanwhile, US-based Principal Financial Group offloaded 15.31 lakh shares of APL Apollo Tubes at an average price of Rs 1,600.16 apiece. This took the deal value to Rs 245.04 crore.

Details of the other sellers could not be ascertained. On Wednesday, shares of APL Apollo Tubes tumbled 6.66 per cent to close at Rs 1,486.50 apiece on the NSE.