HDFC Mutual Fund has hiked its stake in SKF India Ltd by acquiring 1.18 lakh shares, or 0.22 per cent of the company’s total equity, from the open market.
Following the acquisition, the mutual fund now holds, through its various schemes, 5.14 per cent stake in the multinational bearing maker, according to information filed by SKF India with the stock exchanges.
HDFC MF had earlier held 4.91 per cent of its equity, or 25.90 lakh shares in the company.
The total number of shares now held by the MF has gone up to 27.08 lakh in SKF India Ltd, or 5.14 per cent, of the company’s equity capital base comprising 5.27 crore shares of Rs 10 each. SKF India has an equity capital base of ₹52.73 crore.
According to information provided by the fund, the five schemes — HDFC Balanced Fund, HDFC Equity Fund, HDFC Children’s Gift Fund – Investment Plan, HDFC Prudence Fund and HDFC Mid-Cap Opportunities Fund — have exposure to the equity of SKF India Ltd. Following the latest purchase, the five funds would be holding 3.45 lakh shares, 9.63 lakh shares, 83,000 shares, 4.73 lakh shares and 8.43 lakh shares respectively.
As at the end of December 2013, promoters’ stake in SKF India’s equity was 53.58 per cent. This was followed by domestic institutional investors with 17.62 per cent stake, foreign institutional investors with 14.77 per cent stake and others with 14.03 per cent stake in SKF India.