New World Fund, Small Cap World Fund pare entire stake in Piramal Enterprises

7 Jul 2023 , 12:13 PM

As per reports, two Foreign Portfolio Investors, New World Fund Inc, and Small Cap Fund Inc sold their entire shareholding in Piramal Enterprises and exited the company as investors via open market transactions on July 6.

As per the data available on bourses, New World Fund offloaded 34.62 lakh shares and Small Cap World Fund Inc sold 23.92 lakh shares in the diversified non-banking financial company. New World held a 1.45% stake in the company and Small World held a 1% stake.

The said stake was picked up by marquee investors Societe General, Goldman Sachs, Tata Mutual Fund, Morgan Stanley, BofA Securities, and Citigroup.

The above shares were sold at an average share price of Rs 941.15 per piece. The aggregate value of the sale was Rs 551.03 crore.

At around 12.03 PM, Piramal Enterprises was trading 2.13% lower at Rs 920.65, against the previous close of Rs 940.65 on NSE.

Piramal Enterprises’ 56% stake is owned by public shareholders, with promoters owning the remaining 43%. As of the March quarter, mutual funds held approximately 4.25% stake in the company, while foreign investors owned 28.4% stake.

Piramal Enterprises Limited (PEL) is a prominent Indian non-banking financial company (NBFC) known for its diverse business interests. PEL boasts an asset value of approximately $10 billion and maintains a widespread presence with over 300 branches spanning across 25 states and Union Territories.

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