Mutual fund house J M Financial Mutual Fund has cut its stake in the sugar producer Balrampur Chini Mills to 3.05 per cent through open market selling.
In a regulatory disclosure to the Bombay Stock Exchange, Balrampur Chini Mills said J M Financial Mutual Fund has sold its 887,000 shares representing 0.34 per cent in the company for about Rs 3.90 crore.
The transaction took place on March 6 this year, it said.
Post selling the mutual fund house now holds a 3.05 per cent stake or 7.8 million shares in the sugar firm.
Shares of Balrampur Chini Mills were trading at Rs 45.60, up 1 per cent in afternoon trade on the BSE.