Morgan Stanley Asia Singapore Pte. and Aditya Birla Sun Life Mutual Fund acquired stakes in Cyient DLM as its promoter offloaded a stake worth Rs 879 crore through open market transactions.
While Morgan Stanley Asia Singapore bought a 5.22% stake, Aditya Birla Sun Life Mutual Fund acquired a 2.5% stake at Rs 764.4 apiece, according to BSE's bulk data.
The other buyers include Nippon India Mutual Fund, which bought 13.2 lakh shares and HDFC Mutual Fund, which bought a 1.43% stake at Rs 764.4 per share. Citigroup Global Markets Mauritius Pvt. Ltd. and Edelweiss Mutual Fund also acquired minority stakes.
Nippon Life India Trustee Ltd-A/C Nippon Power & I and HDFC Mutual Fund-HDFC Defence Fund as of June 2024 held 6.32% and 4.79%, respectively, according to data available on the BSE.
Cyient, on the other hand, offloaded 1.14 crore shares, representing a 14.5% stake in the company at Rs 764.4 per share. The promoter, as of June 2024, held a 66.66% stake in the technology company.
Shares of Cyient DLM fell as much as 3.27% during the day to Rs 762.25 apiece on the NSE. It closed 1.55% higher at Rs 775.85 per share, as compared with a 0.29% advance in the benchmark Nifty 50. It has risen 39.98% in the last 12 months and 14.86% year-to-date.
Cyient Approves To Sell 14.5% Stake In Its Subsidiary. Read more on Business News by NDTV Profit.