SBI Mutual Fund hikes stake in Nuvoco Vistas nearly 3% for Rs 158 crore

New Delhi: SBI Mutual Fund on Tuesday increased its stake in building materials company Nuvoco Vistas Corporation by acquiring nearly 3 per cent stake for over Rs 158 crore through an open market transaction.

According to the block deal data on the National Stock Exchange (NSE), SBI Mutual Fund (SBI MF) purchased 45 lakh shares, or 1.26 per cent stake, in Nuvoco Vistas Corporation.

The shares were bought at an average price of Rs 352 apiece, taking the aggregate deal value to Rs 158.40 crore.

SBI MF hiked its stake in Mumbai-based Nuvoco Vistas Corp to 9.37 per cent from 8.11 per cent.

These shares were sold by Kotak Special Situations Fund, an affiliate of Kotak Investment Advisors Ltd, at the same price, the data showed on the NSE.

Kotak Investment Advisors Ltd is an alternative assets unit and a part of Kotak Group.

After the share sale, Kotak Special Situations Fund's holding in Nirma Group subsidiary Nuvoco Vistas Corp has come down to 2.28 per cent from 3.54 per cent.

Shares of Nuvoco Vistas Corporation rose 3.79 per cent to close at Rs 364.10 apiece on the NSE.