SBI Mutual Fund and BlackRock Acquire Stake in Belrise Industries

SBI Mutual Fund and BlackRock acquired a combined 6.56% stake in Belrise Industries for Rs 897 crore. The shares were purchased from Sumedh Tools Pvt Ltd, a promoter of the company. This move is part of stake rationalization, with no management changes. Additionally, Belrise announced a partnership with Israel’s Plasan Sasa to produce military vehicle components.

SBI Mutual Fund and BlackRock have acquired a significant combined stake of 6.56% in Belrise Industries, an automotive systems manufacturer. The acquisition, valued at approximately Rs 897 crore, was executed through open market transactions.

As per NSE block deal data, SBI Mutual Fund secured close to 5.13 crore shares, translating to a 5.76% stake, while BlackRock's Emerging Markets Fund Inc added over 70.50 lakh shares, equal to a 0.79% stake. The average purchase price was Rs 153.70 per share.

Post-acquisition, BlackRock's stake in Belrise increased from 1.06% to 1.85%. The shares were sold by Sumedh Tools Pvt Ltd, a promoter group entity, as part of a stake rationalization plan. Despite the transaction, there are no changes in Belrise Industries' management. Separately, Belrise has partnered with Israeli firm Plasan Sasa to manufacture electric vehicle components for military vehicles.