Kotak MF, Abakkus Lead Rs 830-Cr Buying in Axiscades Stake Sale; Stock Jumps Over 7%

New Delhi: Domestic investors stepped up buying in Axiscades Technologies, with Kotak Mahindra Mutual Fund and Abakkus among those picking up 10.7 per cent stake sold by promoter Jupiter Capital for Rs 830 crore, according to NSE data.

The transactions were executed on Tuesday at an average price of Rs 1,824 apiece, valuing the transaction at Rs 829.72 crore.

Following the transaction, Axiscades Technologies shares jumped 7.48 per cent to Rs 2,222 apiece on Wednesday on the exchange.

Jupiter Capital, one of the promoters of the Bengaluru-based engineering services company, sold more than 45.48 lakh shares, representing a 10.69 per cent stake, as per block deal data on the National Stock Exchange (NSE).

Following the stake sale, Jupiter Capital Pvt Ltd’s holding in Axiscades fell below the 50 per cent mark to 47.34 per cent from 58.03 per cent.

Jupiter Capital, one of the promoters of the Bengaluru-based engineering services company, sold more than 45.48 lakh shares, representing a 10.69 per cent stake, as per block deal data on the National Stock Exchange (NSE).

Following the stake sale, Jupiter Capital Pvt Ltd’s holding in Axiscades fell below the 50 per cent mark to 47.34 per cent from 58.03 per cent.

On the buying side, Kotak Mahindra Mutual Fund emerged as the largest buyer, acquiring more than 20.83 lakh shares, amounting to nearly a 5 per cent stake in Axiscades for Rs 380 crore.

Sunil Singhania-led Abakkus was the second-largest buyer, with its affiliates together acquiring 12.88 lakh shares, or a combined 3.03 per cent stake, for Rs 235 crore, the exchange data showed.

Bharat Biotech-backed Skegen Asset Management LLP, through its fund, purchased 8.77 lakh shares for Rs 160 crore, while investor Vanaja Sundar picked up 3 lakh shares for Rs 55 crore.

All the buyers acquired the shares at the same price of Rs 1,824 apiece.

In a separate deal on NSE, Motilal Oswal Mutual Fund bought 1.04 lakh shares of Centum Electronics for over Rs 51.52 crore through a bulk deal.

The shares were acquired at an average price of Rs 4,928.89 apiece.

Exchange data did not disclose the sellers’ identities.

Centum Electronics shares fell nearly 3 per cent to Rs 4,788.60 apiece on the NSE.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)