Bulk Deals | Ipca Labs picks 33.38% stake in Unichem; Madhusudan Kela’s wife buys 5.3% stake in Niyogin

Though huge buying was seen in Campus Activewear, the stock fell 4.3 percent to Rs 290 amid weak equity market conditions

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Ipca Laboratories picked a 33.38 percent stake in Unichem Laboratories via open market transactions on August 2, after getting approval from the Competition Commission of India. Ipca shares fell 1.6 percent to Rs 888, while Unichem Labs shares gained 0.1 percent to Rs 398.7 on the NSE.

As per the bulk deals data available on exchanges, Ipca Laboratories has bought 2.35 crore equity shares in Unichem at an average price of Rs 402.25 per share, which amounted to Rs 945.34 crore.

However, Prakash Amrut Mody, the Chairman & Managing Director of Unichem Laboratories, and the son of founder promoter the late Amrut Mody, was the seller in this deal, as per the share purchase agreement.

Ipca has already made an open offer to the public shareholders of Unichecm, to acquire up to 26 percent stake in Unichem at a price of Rs 440 per share, which amounts to Rs 805.44 crore.

Niyogin Fintech was also in focus and was locked in 5 percent upper circuit at Rs 68.11. Foreign company WF Asian Reconnaissance Fund has exited the fintech company delivering solutions for credit, financial inclusion, investments and SAAS services, by selling its entire 1.22 crore shares or 12.89 percent stake, at an average price of Rs 61.65 per share.

Foreign portfolio investor Carmignac Portfolio also sold 5.5 lakh shares in the company at an average price of Rs 68.11 per share. Carmignac had held 45 lakh shares or 4.76 percent in the company as of June 2023.

However, Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela, has bought 50.2 lakh shares or a 5.3 percent stake in Niyogin. US-based hedge fund Think India Opportunities Master Fund LP was also the buyer in the company, purchasing 58 lakh shares or a 6.1 percent stake. These shares were bought by both at an average price of Rs 61.65 per share.

Multiplier Share & Stock Advisors bought 10 lakh shares in Niyogin at an average price of Rs 61.65 per share, and Mansi Share & Stock Advisors purchased 5 lakh shares at an average price of Rs 64.88 per share.

We have also seen huge buying in Campus Activewear, the footwear maker, but the stock was under pressure, falling 4.3 percent to Rs 290 amid weak equity market conditions.

ICICI Prudential Life Insurance Company has bought 25 lakh equity shares in the footwear maker and Europe-based financial services group Societe Generale acquired 17.14 lakh shares in the company, which is equivalent to 1.38 percent of total paid-up equity. These shares were bought at an average price of Rs 295 per share.