Reliance MF, fidelity among sellers; 26 MFs, 46 Fiis exit as NSEL crisis takes a toll
Top institutional investors, which had put their faith and money on the Financial Technologies stock, have voted with their feet following the Rs 5600 crore scandal at subsidiary National Spot Exchange (NSEL). The details have come to light in the latest shareholding pattern filed by the company to the exchanges.
Total number of institutional shareholders in the transaction software provider and parent of exchanges around the world, almost halved to 81 from 156 at the end of June quarter.
At the end of June 2013, 28 mutual funds held 7.52% in the company. In the June price levels of Rs 800, the total MF exposure in 3.46 million shares would have been worth some Rs 277 crore.
Now, just two local institutions holding less than 1600 shares. At today's price these shares will be worth around Rs 2.6 lakh.
Reliance growth fund which held 4.06% and Birla Sunlife frontline equity which held 1.05% have been major sellers this quarter. Both names do not figure in the names of investors holding 1% or more.
Among the foreign institutions Acacia Partners, Acacia institutional partners and Fidelity 's Mauritius based fund are sellers. the number of foreign institutions with exposure to the stock fell from 113 to 67. Their holding fell to 17.35% from 24.22%
Blackstone, which held 7.02% and Citiventures' funds are among the few institutions which have stayed put, despite the 90% crash in prices since last Diwali.
One institution that has taken a contra bet by buying into FT is Government Pension Fund Global which has popped into the large investors list with a stake of 2.79%.
The other group of investors who have bought into this selling spree is the small investor holding less than Rs 1 lakh worth of stock. The number of such investors went up by 60% to 72564. Some 27224 retail investors entered the stock during the quarter more than doubling their combined holding to 17.8%.
There was no change in the promoter group shareholding with 45.6%.
With the stock slated to go out of the Futures and options from November 1, its prospects look bleak, say analysts.
Top institutional investors, which had put their faith and money on the Financial Technologies stock, have voted with their feet following the Rs 5600 crore scandal at subsidiary National Spot Exchange (NSEL). The details have come to light in the latest shareholding pattern filed by the company to the exchanges.
Total number of institutional shareholders in the transaction software provider and parent of exchanges around the world, almost halved to 81 from 156 at the end of June quarter.
At the end of June 2013, 28 mutual funds held 7.52% in the company. In the June price levels of Rs 800, the total MF exposure in 3.46 million shares would have been worth some Rs 277 crore.
Now, just two local institutions holding less than 1600 shares. At today's price these shares will be worth around Rs 2.6 lakh.
Reliance growth fund which held 4.06% and Birla Sunlife frontline equity which held 1.05% have been major sellers this quarter. Both names do not figure in the names of investors holding 1% or more.
Among the foreign institutions Acacia Partners, Acacia institutional partners and Fidelity 's Mauritius based fund are sellers. the number of foreign institutions with exposure to the stock fell from 113 to 67. Their holding fell to 17.35% from 24.22%
Blackstone, which held 7.02% and Citiventures' funds are among the few institutions which have stayed put, despite the 90% crash in prices since last Diwali.
One institution that has taken a contra bet by buying into FT is Government Pension Fund Global which has popped into the large investors list with a stake of 2.79%.
The other group of investors who have bought into this selling spree is the small investor holding less than Rs 1 lakh worth of stock. The number of such investors went up by 60% to 72564. Some 27224 retail investors entered the stock during the quarter more than doubling their combined holding to 17.8%.
There was no change in the promoter group shareholding with 45.6%.
With the stock slated to go out of the Futures and options from November 1, its prospects look bleak, say analysts.
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