SBI Mutual Fund's Rs 194.4 Crore Karur Vysya Bank Stake Boosts Shares to 52-Week High

13 Dec 2023 , 03:18 PM

Karur Vysya Bank shares surge 3.3% to hit a new 52-week high in early trade. On December 12, SBI Mutual Fund acquires 1.2 crore equity shares, equivalent to 1.5% of the bank’s paid-up equity, through open market transactions.

Purchase price is Rs 162 per share, totaling Rs 194.4 crore; sellers remain undisclosed. In November, RBI approves SBI Mutual Fund to acquire up to 9.99% aggregate holding in the bank.

If SBI MF fails to acquire a major share within one year, RBI’s approval stands canceled. If aggregate holding falls below 5%, RBI approval is required to increase it to 5% or more of the paid-up share capital. Promoter holding remains at 2.2% for the September quarter, while FIIs and DIIs hold 18.1% and 32.3%, respectively.

Among DIIs, mutual funds hold 24.69%, with UTI Banking and Financial Services Fund Growth and SBI Banking & Financial Services Regular Growth having the largest holdings at 3.74% and 3.59%, respectively.

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