US-based Massachusetts Institute of Technology exited SBFC Finance, the non-banking finance company, while promoter and founder Bhavish Aggarwal has offloaded nearly 0.6 percent shares via open market transactions on December 16.
Massachusetts Institute of Technology - FDI sold all 1.36 crore equity shares (equivalent to 1.25 percent of paid-up equity) in SBFC Finance for Rs 143.37 crore at Rs 105.14 per share.
Massachusetts Institute of Technology Basic Retirement Plan Trust also sold 13.86 lakh shares (0.12 percent stake) for Rs 14.57 crore, and 238 Plan Associates LLC 3.41 lakh shares (0.03 percent stake) for Rs 3.59 crore at same price.
Both selling shareholders are part of Massachusetts Institute of Technology and their shareholding information is not available may be due to their holding below 1 percent.
However, Tata AIA Life Insurance Company, and Aranda Investments (owned by global investor Temasek Holdings) were buyers for some of the shares sold by Massachusetts Institute of Technology.
Tata AIA Life Insurance has acquired 82.31 lakh shares (0.75 percent stake) for Rs 86.54 crore, and Aranda Investments picked up 71.33 lakh shares (0.65 percent stake) for Rs 75 crore at same price.
SBFC Finance shares corrected 0.12 percent to closed at Rs 105.01 on the NSE.
Meanwhile, founder and promoter Bhavish Aggarwal sold 2.62 crore equity shares (equivalent to 0.59 percent of paid-up equity) in Ola Electric Mobility, the pure electric two-wheeler maker, for Rs 91.87 crore at Rs 34.99 per share.
Perhaps, Ola Electric Mobility shares seem to have reacted sharply to the stake sale by promoter, declining 7.76 percent - the biggest single-day fall since August 21 - to close at Rs 34.48.
Overall, the stock has been under pressure since August 20, 2024 when it touched a record high of Rs 157.40, from which it corrected 78 percent despite intermittent buying interest. It has significantly eroded wealth of investors, having a market capitalisation of Rs 15,217 crore, against more than Rs 69,000 crore valuation recorded at the highest price.
After stake sale, Bhavish Aggarwal informed exchanges that he has undertaken a one-time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan amounting to Rs 260 crore.
"With this, all of the previously pledged 3.93 percent shares will be released, removing a critical overhang," he said.
Post the transaction, the promoter group would continue to hold approximately 34 percent in Ola Electric. There is no dilution of promoter control or change in the long-term conviction, the promoter said.
The transaction is being executed entirely at the promoter’s personal level and would have no impact on Ola Electric’s operations, governance, or strategic direction, he added.
The brief action was also seen in Pearl Global Industries, the cloth manufacturing company, which shares closed at Rs 1,635, down 0.07 percent. SBI Mutual Fund has acquired 6.6 lakh shares (1.43 percent stake) in the company for Rs 105.68 crore at Rs 1,599.99 per share, however, promoter Deepak Kumar Seth sold 6.25 lakh shares (1.35 percent stake) for Rs 100 crore at Rs 1,600.04 per share.
Non-institutional investor B Sumanthkumar Reddy has bought 19.09 lakh sharess (0.5 percent stake) in Karnataka Bank for Rs 38.29 crore at Rs 200.52 per share, however, Gardens R R sold same number of shares for Rs 38.28 crore at a price of Rs 200.48 per share. Karnataka Bank shares closed at Rs 198.42, down 0.79 percent.
Gallantt Industry has acquired 12.07 lakh shares in Gallantt Ispat for Rs 71.2 crore at Rs 590 per share, from Krone Finstock.
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