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HDFC MF picks up 9 mn shares of Siti Cable for Rs 31.2 cr

MUMBAI: HDFC Mutual Fund has been recently trading in the shares of two cable TV companies. After selling its stake in Odisha-based multi-system operator (MSO) Ortel Communications, it picked up 90 lakh (9 million) shares of Essel group-promoted Siti Cable from the open market.

HDFC MF picked up shares worth 1.3 per cent from the NSE on Tuesday at an average price of Rs 34.65 apiece, investing a total of Rs 31.18 crore (Rs 311.8 million).

HDFC Trustee Company Ltd A/c HDFC Equity Fund already owns 3.92 per cent stake in Siti Cable.

Meanwhile, Goldman Sachs India Fund sold its entire 89.69 lakh (8.97 million) shares of Siti Cable at the same average price of Rs 34.65.

Siti Cable shares closed at Rs 34.85 on Tuesday.

Earlier on 5 June, HDFC MF had sold 5,21,300 shares or 1.8 per cent in Ortel Communications in open market for Rs 180 apiece, getting Rs 9.38 crore (Rs 93.83 million) for its investment in the regional MSO.

Ruane Cunniff & Goldfarb INC A/c Acacia Partners LP had bought 230,000 shares of Ortel at Rs 179.99 per share.