SBI, Nippon Mutual Funds Buy Rs 434-Crore Stake In Sundram Fastners

TVS Sundram Fastners Pvt. offloaded a stake worth 434 crore in Sundaram Fastners Ltd. through open market transactions on Tuesday. Buyers include SBI Mutual Fund and Nippon India Mutual Fund.

TVS Sundram Fasteners sold 32.95 lakh shares, representing a 1.56% stake at Rs 1,318 apiece. Promoter TVS Sundaram Fastners held a 48.36% stake in Sundaram Fastners as of June 2024.

On the other hand, SBI Mutual Fund mopped up 22 lakh shares, representing a 1.04% stake at Rs 1,318 apiece, totalling Rs 290 crore, while Nippon India Mutual Fund bought 10.95 lakh shares, representing a 0.52% stake at Rs 1,318 apiece, adding up to Rs 144 crore.

Shares of Sundram Fastners Ltd. closed 1.24% higher at Rs 1,331 apiece, as compared with a 0.85% decline in the NSE Nifty 50.