SBI Mutual Fund Boosts Stake in Happy Forgings

SBI Mutual Fund has increased its stake in Happy Forgings to 5.77% after purchasing an additional 3.8% for Rs 341 crore. Business Excellence Trust III sold 4.2% of its holdings for Rs 371 crore. Despite these significant transactions, Happy Forgings' share price decreased by 1.32% on the BSE.

SBI Mutual Fund has expanded its presence in the auto components sector by acquiring an additional 3.8% stake in Happy Forgings. This investment, amounting to Rs 341 crore, was finalized through an open market transaction on Friday.

According to BSE bulk deal data, SBI Mutual Fund purchased 35.91 lakh shares, raising its total stake in the Ludhiana-based company from 1.97% to 5.77%. The shares were procured at an average price of Rs 950 each.

Conversely, Business Excellence Trust III, managed by MOPE Investment Advisors, divested 39.10 lakh shares, a 4.2% stake, for Rs 371 crore. This move saw their holding in Happy Forgings decline from 8.3% to 4.1%. Despite these trades, Happy Forgings shares fell by 1.32% to Rs 1,009.15 on the BSE.

(With inputs from agencies.)