New Delhi, March 18 Shares of Urban Company surged by over 13 per cent on Wednesday after SBI Mutual Fund acquired a stake of nearly 4 per cent for Rs 632 crore.
The stock rebounded sharply, rising 13.20 per cent to Rs 124.35 per share on the BSE and increasing 13.01 per cent to Rs 124.43 on the NSE.
The fund house acquired over 5.75 crore shares, or nearly a 4 per cent stake in Urban Company, through bulk and block deals on the BSE and the NSE on Tuesday.
The shares were purchased in the price range of Rs 109.83-109.85 per share, bringing the total deal value to Rs 632.22 crore.
Following the acquisition, SBI Mutual Fund's (SBI MF) holding in the company increased from 1.89 per cent to 5.87 per cent.
Meanwhile, Wellington Management, DF International Partners, and ABG Capital collectively divested a 4.62 per cent stake in the firm for Rs 734 crore through separate deals on the exchanges.
A total of 6,68,41,650 shares, representing a 4.62 per cent stake in Gurugram-based Urban Company, were sold by these three entities.
Wellington Management, through its affiliate Wellington Hadley Harbor AIV Master Investors (Cayman) III Ltd, offloaded nearly 3.18 crore shares in two tranches, amounting to a 2.20 per cent holding in Urban Company, according to BSE data.
On the NSE, DF International Partners, via its affiliate DF International Partners II LLC, sold over 1.76 crore shares, while ABG Capital disposed of 1.74 crore shares, taking their combined stake sale to 2.42 per cent in Urban Company.
The shares were sold in the price range of Rs 109.85-109.93 per share on the NSE and the BSE, bringing the total transaction value to Rs 734.39 crore.
Following the stake sale, Wellington Management exited Urban Company, while DF International's affiliate also exited, although other affiliates of the firm continue to hold shares. ABG Capital, however, has reduced its stake from 1.36 per cent to 0.16 per cent.
Details of the other buyers of Urban Company's shares could not be ascertained on the BSE.