Major Stake Shake-Up: Shaily Engineering Plastics Sees Dynamic Shifts

Abu Dhabi Investment Authority and other entities acquired a substantial stake in Shaily Engineering Plastics, buying over 13 lakh shares from Lighthouse Funds for Rs 284 crore. This transaction reflects a notable change in ownership structure, while shares surged by nearly 12% on the BSE following the announcement.

A significant change in the ownership dynamics of Shaily Engineering Plastics occurred as prominent investors, including the Abu Dhabi Investment Authority, bought over 13 lakh shares, representing a 2.9% stake, from Lighthouse Funds for Rs 284 crore through open market transactions.

Entities such as Mumbai-based 360 One group, Aditya Birla Sun Life Mutual Fund, and others acquired stakes totaling 13,33,155 shares. The shares traded at an average of Rs 2,134 each, culminating in a hefty investment of Rs 284.49 crore, according to data from the BSE.

Lighthouse Funds offloaded a similar number of shares in a series of 11 tranches, reducing their holding in the company from 4.27% to 1.37%. Consequently, Shaily Engineering Plastics' stock price saw a steep rise, closing at Rs 2,408.15, up by 11.91%.