SBI Mutual Fund Invests in Happy Forgings

New Delhi, Jan 24 (PTI) SBI Mutual Fund on Friday picked up an additional 3.8 per cent stake in auto components maker Happy Forgings for Rs 341 crore through an open market transaction.

According to the bulk deal data available with the BSE, SBI Mutual Fund purchased 35.91 lakh shares, amounting to a 3.8 per cent stake, of Happy Forgings.

The shares were acquired at an average price of Rs 950 apiece, taking the transaction value to Rs 341.22 crore.

After the transaction, SBI Mutual Fund's holding in Happy Forgings has increased to 5.77 per cent from 1.97 per cent.

Meanwhile, Business Excellence Trust III offloaded 39.10 lakh shares or 4.2 per cent stake in Happy Forgings for Rs 371 crore through an open market transaction.

Business Excellence Trust III is a Sebi-registered Alternative Investment Fund managed by MOPE Investment Advisors. MOPE, a subsidiary of Motilal Oswal Financial Services Ltd (MOSFL).

The shares were sold at an average price of Rs 950.06 per piece, taking the deal value to Rs 371.48 crore.

Pursuant to the latest transaction, Business Excellence Trust III's holding in Ludhiana-based Happy Forgings has come down to 4.1 per cent from 8.3 per cent.

Details of the other buyers of Happy Forgings' shares could not be ascertained on the bourse.

Happy Forgings shares fell 1.32 per cent to close at Rs 1,009.15 apiece on the BSE.