South Indian Bank has surged nearly 8% to Rs 35.05, also its record high on BSE, after Mohnish Pabrai, a leading US-based fund manager, has bought an over one percentage point stake in the private sector bank for Rs 64 crore from the open market.
On Friday July 4, 2014 Mohnish Pabrai through his Pabrai Investment Fund (PIF) bought 19.6 million shares representing 1.46% of total equity of Kerala-based South Indian Bank at Rs 32.50 each on BSE, the bulk deal data shows.
Mohnish Pabrai bought 14.54 million shares from Renuka Ramnath's Multiples Equity and the rest from the open market.
The stock opened at Rs 34 and has seen a combined 10.29 million shares changing hands on the counter so far on BSE and NSE.
On Friday July 4, 2014 Mohnish Pabrai through his Pabrai Investment Fund (PIF) bought 19.6 million shares representing 1.46% of total equity of Kerala-based South Indian Bank at Rs 32.50 each on BSE, the bulk deal data shows.
Mohnish Pabrai bought 14.54 million shares from Renuka Ramnath's Multiples Equity and the rest from the open market.
The stock opened at Rs 34 and has seen a combined 10.29 million shares changing hands on the counter so far on BSE and NSE.