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HDFC Mutual Fund ups stake in Shemaroo to 7.35%

MUMBAI: HDFC Mutual Fund increased its stake in Shemaroo Entertainment by acquiring 2.58 per cent stake, or 7,00,000 (0.7 million) shares, for Rs 12.33 crore (Rs 123.32 million).

HDFC Mutual Fund already had a 4.78 per cent stake (12,98,245 shares) in the company. With the recent acquisition, it has increased its total holding to 7.35 per cent.

The company bought 2,50,000 shares at Rs 174.60 apiece on the BSE and the remaining 4,50,000 shares at Rs 177.04 on the NSE.

Meanwhile, Morgan Stanley Mauritius Company Ltd sold 3,64,788 shares of Shemaroo at Rs 176.87 apiece.

Shemaroo Entertainment scrip hit the lower circuit on the BSE by trading at Rs 162.45, down 5 per cent from its previous close.

The shares of the company were listed on the bourses on 1 October following an initial public offering (IPO) of 77.4 lakh (7.74 million) shares in the price band of Rs 155–170.

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Shemaroo shares close at IPO price after initial gains on listing