Indo-Oman fund exits Solar Inds; sells shares worth Rs 240 cr

Oman India Joint Investment Fund, a JV between SBI and Oman's sovereign fund, today sold off its entire stake of 4.28 per cent in Solar Industries India Ltd for a little over Rs 240 crore.
According to bulk deals data available with BSE, the special purpose vehicle (SPV) for promoting joint investment in projects in India sold 7,74,195 shares, amounting to 4.28 per cent stake of the company.
The shares were sold for an average price of Rs 3,100.42, valuing the deal at Rs 240.03 crore.
The investment fund was formed in 2011 by State Bank of India (SBI) and the State General Reserve Fund of Oman (SGRF).

Meanwhile, SBI Mutual Fund bought 4,55,609 shares in Solar Industries India for Rs 141.23 crore and Kotak Mahindra Mutual Fund purchased 1,03,500 shares of the firm for Rs 32.08 crore.
These fund houses picked up shares at a price of Rs 3,100 apiece.

Shares of Solar Industries India plunged by 10.12 per cent to close at Rs 3,101.75 on the BSE.
Part of the Nagpur-based Solar Group, the company supports mining and infrastructure companies including names like Coal India Limited, Vedanta, Tata, Jindal and SAIL.
It has manufacturing facilities at 16 locations across India along with two manufacturing units in Africa. The company is also developing manufacturing facilities to cater the European market.