According to a report by CNBC-TV18, this transaction represents 0.53% equity of the company, and the shares were traded at an average price of Rs 7,387.5 per share.
The report further noted that a domestic mutual fund is likely to have offloaded its stake in the company, although the identity of the seller was not officially confirmed.
Polycab has multiple mutual fund holdings, with funds such as Motilal Oswal Nifty India Manufacturing ETF and UTI Flexi Cap Fund among key institutional shareholders as per the latest filings.
Latest shareholding data shows that UTI Flexi Cap Fund held approximately 15.35 lakh shares, or 1.02% equity, in Polycab India, while Motilal Oswal Nifty India Manufacturing ETF held around 5.79 lakh shares, or 3.85% equity.
Polycab India is a leading fast moving electrical goods company and the largest manufacturer of wires and cables in India. Its product portfolio includes fans, switches, water heaters, switchgears, luminaires for residential, commercial and industrial use, solar panels, conduits, accessories and home automation solutions. The company operates 28 manufacturing facilities, including joint ventures with Techno and Trafigura, across Gujarat, Maharashtra, Uttarakhand, and Daman and Diu.
Polycab India has delivered a mixed performance across various timeframes. Over the past one year, the stock has gained 14.10%, reflecting steady long-term growth. On a six-month basis, it is up 8.72%, continuing to show positive momentum.
However, in the year-to-date period, the stock has declined by 3.68%, and over the last three months, it is down 2.95%.
The one-month performance has turned mildly positive, with a 1.58% gain, indicating some recovery after recent weakness.
Also read: Did Kotak Mahindra Bank shares really tank 80%? Here’s why investors do not need to panic
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)