HDFC Mutual Fund Buys Shares Worth Rs 204 Crore in Tech Firm Cyient

In a notable transaction on the stock market, HDFC Mutual Fund has acquired shares of Cyient Ltd, a prominent global digital engineering and technology company, for a substantial amount of Rs 204 crore. This purchase was executed through an open market transaction, as per the details provided by the Bombay Stock Exchange (BSE). The mutual fund bought approximately 11.33 lakh shares, which translates to a 1.02 per cent stake in Cyient. These shares were acquired at an average price of Rs 1,800 each, culminating in a total deal value of Rs 204.10 crore.

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Following this acquisition, HDFC Mutual Fund's shareholding in Cyient has seen an increase, now standing at 2.1 per cent up from the previous 1.08 per cent. However, the identities of the sellers in this transaction remain undisclosed. On the day of the transaction, Cyient's stock experienced a slight decrease of 0.67 per cent, closing at Rs 1,794.30 per share on the BSE.

In a separate market activity on the National Stock Exchange (NSE), Ventureast, a Bengaluru-based entity, divested a 1.8 per cent stake in fintech company Zaggle Prepaid Ocean Services for Rs 67 crore through an open market transaction. Ventureast Proactive Fund LLC, an affiliate of Ventureast, sold off 22.27 lakh shares or a 1.8 per cent stake in Zaggle Prepaid Ocean Services at an average price of Rs 302 per share, leading to a deal value of Rs 67.26 crore. Post-sale, Ventureast's holding in Zaggle Prepaid Ocean Services decreased to 1.82 per cent from an earlier 3.64 per cent.

ACM Global Fund VCC, Astorne Capital VCC Arven, ICICI Prudential Mutual Fund, and Tara Emerging Asia Liquid Fund were identified as the buyers in this transaction. Following these transactions, Zaggle Prepaid Ocean Services' stock saw a marginal increase of 0.43 per cent to close at Rs 303.35 on the NSE.

Another significant deal involved ICM Finance reducing its stake in Inox Green Energy Services by 1.5 per cent for Rs 63 crore through open market transactions. ICM Finance offloaded a total of 44,12,880 shares in two separate tranches at prices ranging between Rs 144.53 and Rs 144.58 apiece, bringing the total deal value to approximately Rs 63.78 crore.

Sixteenth Street Capital, based in Singapore, through its subsidiary acquired around 40 lakh shares of Inox Green Energy Services at an average price of Rs 144.50 each, amounting to a deal value of Rs 57.80 crore. Subsequent to these transactions, the stock price of Inox Green Energy Services witnessed an uptick of 2.04 per cent to settle at Rs 147.45 on the NSE.

These transactions highlight significant movements within the Indian stock market involving major mutual funds and investment firms engaging in strategic stake acquisitions and divestments across various sectors including technology, fintech, and green energy services.