Flipkart trims stake in Shadowfax
What's the story
Flipkart has reduced its stake in Shadowfax Technologies Ltd, a logistics solution provider, to 1.52% after selling over 3.37 crore shares through an open market transaction on July 24, according to a stock exchange filing. The e-commerce giant's holding fell from 7.29% (4.26 crore shares) to the current figure on a diluted basis as well, where it went from 7.14% to the current stake of 1.49%.
Stake acquisition
ICICI Prudential Mutual Fund raises stake
In a separate filing, ICICI Prudential Mutual Fund revealed that it has increased its holding in Shadowfax to 8.56% after acquiring shares between February and July.
The fund's net acquisition of 2.03 crore equity shares during this period raised its holding from 5.15% to the current figure of 8.56%.
On a diluted basis, the shareholding rose from 4.99% to the current stake of 8.39%.
Market activity
Shadowfax shares decline by nearly 1%
On July 24, ICICI Prudential Mutual Fund bought a net of 89.44 lakh shares, pushing its holding beyond the disclosure threshold.
The fund clarified that the acquisition was made under various schemes and investment strategies solely from an investment perspective, with no intention of acquiring any controlling interest in Shadowfax.
Notably, Shadowfax's shares were trading at ₹207.57 apiece on Tuesday afternoon, down 0.97% from their previous closing price of ₹209.60.