HDFC MF sells 1.45% stake in Escorts Kubota for Rs 453 crore; Nippon India MF buys shares
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HDFC Mutual Fund has pared its stake in Escorts Kubota by 1.45% for Rs 453 crore through a bulk deal on the BSE, even as Nippon India Mutual Fund emerged as a buyer in the agriculture and engineering equipment maker.
According to exchange data, HDFC MF sold 16.21 lakh shares of Escorts Kubota at an average price of Rs 2,794 apiece on Wednesday. The transaction reduced HDFC MF’s aggregate holding in the Faridabad-based company to 5.49% from 6.94% across its mutual fund schemes.
Escorts Kubota is engaged in the manufacture of tractors, agricultural machinery and construction equipment. The company operates through brands including Farmtrac, Powertrac and Kubota, catering to both domestic and international markets.
Nippon India MF buys 1.16% stake
Nippon India MF acquired 12.94 lakh shares, representing a 1.16% stake in Escorts Kubota, at the same average price of Rs 2,794 per share. The purchase was valued at around Rs 361.69 crore. Details of the other buyers involved in the transaction were not immediately available.
The bulk deal comes as institutional investors continue to rebalance portfolios through large secondary-market transactions. Escorts Kubota’s shares gained nearly 1% on Thursday, trading at Rs 2,820.75 apiece on the BSE.
The company, which has a significant presence in tractors and agricultural machinery, has also been expanding its engineering and construction equipment operations. Changes in institutional ownership are therefore closely watched by investors for signals around fund allocation and portfolio positioning.
Molbio Diagnostics sees another large institutional deal
In a separate bulk transaction on the BSE on Wednesday, Business Excellence Trust III sold 29.96 lakh shares of Molbio Diagnostics, equivalent to about 2.6% of the Goa-based molecular diagnostics company, for approximately Rs 394 crore.
The shares changed hands at an average price of Rs 1,315 apiece. Business Excellence Trust III, a Sebi-registered alternative investment fund managed by Motilal Oswal Alternates, is the largest public shareholder in Molbio Diagnostics.
Molbio Diagnostics develops and manufactures molecular diagnostic products and operates in the infectious disease testing space. Its flagship Truenat platform is used for molecular testing across healthcare settings, including laboratories and point-of-care environment.
Kotak Mahindra Mutual Fund bought 27.50 lakh Molbio shares, representing nearly 2.4% of the company, for more than Rs 361 crore. Details of the other buyers were not disclosed.
Molbio Diagnostics shares fell 3.39% on Thursday to Rs 1,266 apiece on the BSE, indicating a contrasting market reaction to the two companies following the institutional transactions.