The second trading week of January 2012 witnessed a few important bulk deals. Companies which received attention were: ICRA Limited, Mahindra Lifespace, Akzo Nobel, Sterling Holidays and Borosil Glass.
Reliance Mutual Fund bought shares worth Rs 16 crores in ICRA Limited, a credit rating agency. The seller was IDFC Mutual Fund. Reliance Mutual already owns 1.5% of all outstanding shares of ICRA.
Amansa Investments bought shares worth Rs 9.25 crores in Mahindra Lifespace, the real estate arm of Mahindra Group. Amansa already holds 4.60% stake in Mahindra Lifespace, and the increase in stake could be to average out its holding price.
During the week, Akzo Nobel’s shares worth Rs 100 crores were bought by ICICI (ICICI Brokerage Services Limited and ICICI Securities Limited). One of the major sellers here was Bajaj Allianz. The insurance company is believed to have expressed concerns about Akzo Nobel buying its unlisted subsidiaries at unreasonable price. Reports suggest that ICICI bought shares on behalf of Akzo Nobel to pacify the dissenting shareholder.
In Sterling Resorts, shares worth Rs 4.60 crores were bought by Beacon India Private Equity Fund. Sterling Resorts counts R Jhunjhunwala, R Damani, and Pivotal Securities (Shivanand Mankekar) as its shareholders. The Chennai based company is engaged in the business of vacation ownership with 14 resorts across India.
Borosil continued to see action in the bulk deals segment due to its stock buy back. The company bought shares worth Rs 6.30 crores at an average price of Rs 850/-.
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