Sundaram BNP Paribas MF picks up 2% in 8KMiles
Wed, 17 Sep 2014 23:08:06 -0600
The fund house bought the stake in the Silicon Valley-based company at double the price that the former had paid
TAGS: STOCKS, MUTUAL FUND, SUNDARAM BNP PARIBAS MF, 8KMILES
On the heels of DSP Black Rock MF picking up 4 per cent stake in the country's only listed pure-play cloud computing firm 8KMiles, Sundaram BNP Paribas MF today bought about 2 per cent in the Silicon Valley-based company at double the price that the former had paid.

The deal was carried out through secondary market operations through the BSE. One of the investors of 8KMiles Software, Aruna Srinivasan Iyer sold 1,46,000 shares aggregating to 1.54 per cent equities of the company at Rs 332.46 apiece, while Sundaram BNP Paribas MF picked up 175,000 shares or 1.74 per cent at Rs 331.95 apiece.

Early August global fund house DSP Black Rock Mutual Fund had picked 4 per cent in 8KMiles for about Rs 6 crore from the secondary market at a price of Rs 175 apiece.

According to BSE data, DSP Black Rock MF had picked up close to 3 lakh shares of 8KMiles Software, which boasts of global biggies like Amazon, IBM, CA Technologies, Visa, AirAsia, among others as clients.

The company, founded by serial entrepreneur Suresh Venkatachari, refused to comment. 8KMiles has been one of be biggest gainers in the recent market rally gaining over six-fold in the past one year alone.

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