Morgan Stanley, Aditya Birla Sun Life Mutual Fund Acquire Stakes In Cyient DLM

Morgan Stanley Asia Singapore Pte. and Aditya Birla Sun Life Mutual Fund acquired stakes in Cyient DLM as its promoter offloaded a stake worth Rs 879 crore through open market transactions.

While Morgan Stanley Asia Singapore bought a 5.22% stake, Aditya Birla Sun Life Mutual Fund acquired a 2.5% stake at Rs 764.4 apiece, according to BSE's bulk data.

The other buyers include Nippon India Mutual Fund, which bought 13.2 lakh shares and HDFC Mutual Fund, which bought a 1.43% stake at Rs 764.4 per share. Citigroup Global Markets Mauritius Pvt. Ltd. and Edelweiss Mutual Fund also acquired minority stakes.

Nippon Life India Trustee Ltd-A/C Nippon Power & I and HDFC Mutual Fund-HDFC Defence Fund as of June 2024 held 6.32% and 4.79%, respectively, according to data available on the BSE.

Cyient, on the other hand, offloaded 1.14 crore shares, representing a 14.5% stake in the company at Rs 764.4 per share. The promoter, as of June 2024, held a 66.66% stake in the technology company.

Shares of Cyient DLM fell as much as 3.27% during the day to Rs 762.25 apiece on the NSE. It closed 1.55% higher at Rs 775.85 per share, as compared with a 0.29% advance in the benchmark Nifty 50. It has risen 39.98% in the last 12 months and 14.86% year-to-date.