Bulk & Block Deals on Aug 24: Max Financial, Coforge, RBL Bank, Manappuram Fin exchange hands; check buyers, seller
Coforge, Max Financial, Manappuram Finance, RBL Bank and Sapphire Foods saw heavy buying and selling on Thursday, August 24 among bulk and block deals on stock exchanges BSE, NSE. The stock were in focus accordingly during the trading session. Shares of Coforge surged over 9 per cent to hit the day's high of ₹5,403.85 apiece on the BSE after a block deal.
Similarly, shares of Max Financial gained around three per cent on news of its block deal. A bulk deal is a transaction in which at least five per cent of a company's total equity shares are traded all at once. These transactions can take place throughout the regular trading session, unlike block deals.
Bulk transactions do not require the opening of a special window. However, it is possible in the block deal window. On the other hand, block deals refer to single trades with a 5 lakh share minimum or a value of ₹10 crore.
When two parties agree to buy and sell at least these many shares at the same price, a block deal occurs. According to NSE data, Aditya Birla Sun Life Mutual Fund bought 3,18,195 shares of Coforge at an average price of ₹4,703. Hulst BV sold 1,62,71,260 shares at an average price of ₹4,722.15.
The Netherlands-registered Hulst BV is owned and controlled by funds affiliated with BPEA (Baring Private Equity Asia). ICICI Prudential Life Insurance Company bought 4,27,387 shares at an average price of ₹4,703. Kotak Funds - India Midcap Fund bought 8,65,328 shares at the same average price.
Morgan Stanley Asia Singapore PTE bought 3,50,000 shares at an average price of ₹4,879.43. SBI Mutual Fund bought a total of 25,81,000 share in sepaarte deals at an average price of ₹4,703. Smallcap World Fund INC bought 6,61,812 shares at an average price of ₹4,703.
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