Capital Group Acquires 1% Stake in APL Apollo Tubes for ₹446 Crore

14 Mar 2024 , 02:35 PM

Capital Group, a financial services company, purchased a 1% stake in APL Apollo Tubes for ₹446 Crore in an open market transaction on Wednesday.

The acquisition was made through Capital Group’s affiliate, New World Fund Inc, on the National Stock Exchange (NSE).

According to NSE bulk deal data, New World Fund Inc bought 27,89,398 shares of APL Apollo Tubes, constituting the 1% stake, at an average price of ₹1,601.10 per share.

The total transaction value for the purchase amounted to ₹446.61 Crore.

Conversely, US-based Principal Financial Group sold 15.31 lakh shares of APL Apollo Tubes at an average price of ₹1,600.16 per share, resulting in a transaction value of ₹245.04 Crore.

Details of other sellers involved in the transactions were not available.

At the time of writing, APL Apollo Tubes’ shares witnessed a decline of 0.23%, trading at ₹1,489.05 per share on the NSE.

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