KPR Mill Promoter Sells Shares Worth Rs 971 Crore, SBI MF Picks Up Over 2% Stake

KP Ramaswamy, one of the promoters of KPR Mill Ltd., sold shares worth Rs 971.4 crore in the company through a bulk deal on Wednesday.

As part of the transaction, Ramaswamy pared a total of 1.05 crore shares, which amounts to 3.1% of the company's total shareholding. He held a stake of 21.37% in KPR Mill till the quarter ended June 2024.

The shares were offloaded at Rs 925.12 apiece, according to the data available on the BSE. The selling price was around 8% lower compared to the stock's last closing price.

Meanwhile, SBI Mutual Fund bought 97.35 lakh shares, amounting to a 2.84% stake, in the company through a bulk deal, the BSE data showed.

The stake has been picked up for Rs 925 apiece, taking the overall transaction value to Rs 900.5 crore.

As of June this year, SBI Mutual Fund held a 4.89% stake in the company through its SBI Nifty Midcap 150 Index Fund.

On Wednesday, KPR Mill settled 0.37% lower at Rs 1,005.5 apiece on the NSE, compared to a 0.25% climb in the benchmark Nifty 50.

The apparel manufacturer's stock has risen by 21.9% year-to-date, and the surge has been sharper at 38% over the last 12 months. The relative strength index stood at 71.8.

Seven out of nine analysts tracking the company have a "buy" rating on the stock, whereas two suggest a "hold,"  according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.8%.