On Tuesday, Poonawalla Fincorp shares witnessed an uptrend in early morning deals, with the share price opening at a higher value and hitting an intraday high of Rs 312.40 per share on the NSE.

The Cyrus S Poonawalla group Non-Banking Finance Company (NBFC) attracted more than Rs 125 crores in mutual funds investment, which was done through a bulk deal executed on April 17, 2023.

On the previous day, Sanjay Chamria and Mayank Poddar, co-founders of Poonawalla Fincorp Ltd, offloaded shares worth Rs 290 crores in the open market transactions. Chamria served as the vice-chairman and MD of Magma, while Poddar served as the company’s chairman emeritus.

According to block deal data available with the NSE, they sold 1 crore shares, amounting to 1.08% and 0.22% stake, respectively, in the firm. The shares were sold at an average price of Rs 290 apiece. Aditya Birla Sun Life Mutual Fund, Plutus Wealth Management, and ABSL Umbrella UCITS Fund Plc-India Frontline Equity Fund acquired them.

Based on information available on the NSE’s website on block deals, Aditya Birla Sun Life Mutual Fund invested more than Rs 125 crore in Poonawalla Fincorp from two of its arms. ABSL Umbrella UCITS Fund PLC-India Frontline Equity Fund purchased 3,56,123 Poonawalla Fincorp shares at Rs 290 apiece, resulting in an investment of Rs 10.32 crore. On the other hand, ABSL Mutual Fund invested Rs 116.54 crores in Poonawalla Fincorp, acquiring 40,18,740 shares in seven tranches on April 17, 2023, at Rs 290 per share.

In addition to ABSL Mutual Fund, Plutus Wealth Management LLP invested in Poonawalla Fincorp shares at Rs 290 per share, spending Rs 145 crores on two block deals to purchase 50 lakh shares of Poonawalla Fincorp. The two tranches through which Plutus Wealth Management acquired these 50 lakh shares comprised 17,24,137 and 32,75,863 Poonawalla Fincorp shares.

On Tuesday, Poonawalla Fincorp’s share price closed 3% higher at Rs 301.70 per share on the NSE.