India Opportunities Growth Fund Offloads Stake in Electrosteel Castings

India Opportunities Growth Fund sold a 1.7% stake in Electrosteel Castings for Rs 219 crore through an open market transaction. The sale involved offloading 1,05,00,000 shares at an average price of Rs 209.03 each. This reduced the fund's stake in the company from 4.78% to 3.08%.

In a notable market move, India Opportunities Growth Fund on Monday sold a 1.7 per cent stake in Electrosteel Castings for Rs 219 crore through an open market transaction.

According to bulk deal data from the National Stock Exchange (NSE), the fund, under its Pinewood Strategy, offloaded 1,05,00,000 shares at an average price of Rs 209.03 apiece, totaling Rs 219.48 crore.

Post-transaction, the fund's stake in Electrosteel Castings dipped from 4.78 per cent to 3.08 per cent. Details on the buyers of the shares remain undisclosed. Electrosteel Castings shares surged 5.68 per cent, closing at Rs 221.80 each on the NSE.

(With inputs from agencies.)