Major Stake Acquisition in Manorama Industries: LIC MF Leads the Charge

LIC Mutual Fund, Aditya Birla Sun Life MF, and Bank of India MF invested Rs 200 crore in Manorama Industries by purchasing 18.18 lakh shares through a block deal on the BSE. The shares were acquired at Rs 1,100 each. Promoters and a public shareholder sold their stakes.

LIC Mutual Fund, along with Aditya Birla Sun Life MF and Bank of India MF, has made a significant investment, buying shares worth Rs 200 crore in Manorama Industries through open market transactions.

Based on block deal data from the BSE, these mutual funds collectively purchased 18.18 lakh shares, acquiring a 3.05% stake at an average price of Rs 1,100 per share.

However, this move comes as Manorama Industries' promoters—Agastya Saraf, Vinita Ashish Saraf, and Shrey Ashish Saraf—along with public shareholder Ritu Saraf, decided to sell their shares, resulting in a market dip of 2.60% to close at Rs 1,090.20 per share.

(With inputs from agencies.)