SBI Mutual Fund Invests in Rolex Rings: 2.9% Stake Acquired

New Delhi, Aug 27 (PTI) SBI Mutual Fund and 3 others on Tuesday picked up a 2.97 per cent stake in Gujarat-based Rolex Rings for Rs 196.14 crore through open market transactions.

According to the bulk deal data available on the BSE, SBI Mutual Fund (MF), India Acorn ICAV, Kotak Mahindra MF, and Franklin Templeton MF purchased a total of 8.09 lakh shares, or 2.97 per cent stake, in Rolex Rings.

The shares were purchased at a price range of Rs 2,421.08-2,425 apiece, taking the deal value to Rs 196.14 crore.

Meanwhile, ICICI Prudential MF and two promoters cumulatively offloaded a 3.61 per cent stake, or 7.65 lakh shares, in Rolex Rings for Rs 185.44 crore via open market transactions.

ICICI Prudential MF, Rolex Rings promoters Ashok Dayashankar Madeka and Sanjay Bhagvanji Bole sold the shares in the price range of Rs 2,419-2,425 per piece, as per the data.

Details of the other sellers of Rolex Rings could not be identified.

Shares of Rolex Rings settled 0.47 per cent lower at Rs 2,434.35 apiece on the BSE.

The Gujarat-based Rolex Rings is among the leading manufacturers of forged and machined components in India.