Bulk Deals: Small Cap World Fund, New World Fund exit Piramal Enterprises

The stake sale by Small Cap World Fund and New World Fund was worth Rs 551.03 crore.

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Foreign portfolio investors New World Fund Inc and Small Cap World Fund Inc exited Piramal Enterprises by selling entire shareholding in the company via open market transactions on July 6.

As per the bulk deals data available on exchanges, New World Fund Inc has sold 34.62 lakh shares and Small Cap World Fund Inc offloaded 23.92 lakh shares in in the diversified non-banking financial company, which was equivalent to 1.45 percent and 1 percent, respectively.

The average selling price for the above shares was Rs 941.15 a piece, and the stake sale by them was worth Rs 551.03 crore.

Piramal Enterprises shares fell 1 percent to Rs 940.65 on the NSE.

Eris Lifesciences was also in focus. HDFC Mutual Fund has bought 13.5 lakh equity shares or 0.99 percent stake in the pharma company. The average buying price for these shares was Rs 697 and the stake buy was worth Rs 94.09 crore.

However, high networth individual Rakesh Shah sold 27 lakh shares at the same price, amounting to Rs 188.19 crore. As per the shareholding pattern as of March 2023, Shah had held 11.53 percent stake or 1.56 crore shares in Eris.

Eris shares gained 1.2 percent to close at Rs 706.

Sat Industries jumped nearly 2 percent to Rs 89.90. Europe-based financial services group Societe Generale has bought 16.1 lakh shares or 1.42 percent stake in the company at an average price of Rs 85.05 per share.