Prudent Corporate gains on bulk deals

TA FDI Investors sold shares in the company while Abu Dhabi Investment Authority, India Acorn Icav, and DSP Mutual Fund bought shares.

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Shares of Prudent Corporate Advisory Limited were trading around 1 percent higher on the NSE on September 1, a day after further details were available on a report that shares worth almost Rs 420.53 crore had changed hands in a bulk deal on the BSE on August 31.

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Yesterday, on August 31, at 9:45 am, shares of Prudent were trading 8 percent lower than the previous day’s close of Rs 1,094 when it was first reported that a bulk deal had occurred. At that time, no information was available on the buyers and sellers. The shares closed on August 31 at Rs 1,196.25.

According to BSE Bulk deal data, TA FDI Investors sold 37.37 lakh shares, which is a 9.03 percent stake in Prudent, via open market transactions, at an average price of Rs 1,125.07 per share.  Abu Dhabi Investment Authority, India Acorn Icav, and DSP Mutual Fund on the other hand bought 27.38 lakh shares (6.61 percent) in Prudent Corporate at a price of Rs 1,125 per share; the total purchase amounted to around Rs 308.11 crore.

The Gujarat-based mutual fund advisory services platform offers “bespoke and comprehensive” financial services & products, ranging from Mutual Funds to Insurance, Equities, Bonds, PMS-AIF and Loan Products amongst others. Their platform caters to corporates, individuals, as well as High Net-Worth Individuals (HNIs) and Ultra-High Net-Worth Individuals (UHNIs).

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