Shares of Karur Vysya Bank hit a 52-week high of Rs 170.40 on 13 December after the SBI Mutual Fund acquired 1.2 crore equity shares of the company through an open market transaction.

SBI Mutual Fund picked up 1.2 crore shares, representing a 1.5% stake in the lender for an average price of Rs 162 per share, taking the total transaction value to Rs 194.4 crore.

In November, the SBI Mutual Fund received approval from the Reserve Bank of India (RBI) to acquire a total holding of up to 9.99% in the bank. If SBI MF fails to acquire a major shareholding in the bank within one year, this approval will stand void.

In its filing, the bank said, “Further, if the aggregate holding falls below 5%, prior approval of the RBI will be required to increase it to 5% or more of the paid-up share capital.”

The promoter holding in the company at the end of the September quarter stands at 2.2%, While FIIs (foreign institutional investors) hold 18.1% and DIIs (domestic institutional investors) hold 32.3% in the lender. Amongst the DII’s, mutual funds hold 24.69%.

At 2:04 pm, the shares of Karur Vysya Bank were trading 0.61% higher at Rs 165.95 on NSE.