Kotak Mahindra MF Surges into Pharma Stocks as Bain Capital Divests from Emcure

Kotak Mahindra MF Surges into Pharma Stocks as Bain Capital Divests from Emcure​

Kotak Mahindra Mutual Fund has aggressively increased its exposure across several key sectors this week, notably targeting pharmaceutical stocks. The fund acquired a stake in Emcure Pharmaceuticals, while it also participated in a significant share exchange transaction involving Ajanta Pharma. These actions highlight the continued interest of institutional investors in the domestic pharma landscape.

Institutional Investors Boost Holdings in Pharmaceutical Giants​

Kotak Mahindra Mutual Fund secured 36 lakh shares (a 1.89 percent stake) in Emcure Pharmaceuticals from BC Investments IV, a private equity holding company owned by Bain Capital. This transaction, valued at Rs 612 crore, was completed at a purchase price of Rs 1,700 per share.

The acquisition comes as Emcure Pharmaceuticals shares traded up 1.5 percent to Rs 1,744.6 on the National Stock Exchange (NSE). The stock continues to sustain above all key moving averages following this corporate action.

In a separate transaction involving Ajanta Pharma, promoter entity Ravi Agrawal Trust sold 34.5 lakh shares representing a 2.76 percent stake for Rs 1,023.96 crore. Both Kotak Mahindra Mutual Fund and Aditya Birla Sun Life Mutual Fund were among the institutional buyers in this deal.

Kotak Mahindra Mutual Fund added an additional 21.02 lakh shares worth Rs 623.95 crore into Ajanta Pharma. This acquisition, which was completed at a transaction price of Rs 2,968 per share, supplemented the purchases made by Aditya Birla Sun Life Mutual Fund for 13.47 lakh shares totaling Rs 400 crore.

Capital Movements in BlueStone and Financial Sector Investments​

The corporate actions were not limited to pharmaceuticals; interest also focused on lifestyle brands and banking entities. BlueStone Jewellery and Lifestyle saw its share price fall by 3.89 percent, closing at Rs 528.1 amid high trading volumes.

Several large investment firms were involved in the divestment from BlueStone. Ivycap Ventures Trust offloaded 26.04 shares for Rs 136.7 crore. Similarly, Accel India III (Mauritius) sold 9.76 lakh shares for Rs 51 crore, and 360 ONE Special Opportunities Fund - Series 12 sold 10.55 lakh shares valued at Rs 55.09 crore.

Despite the divestments, Nippon India Mutual Fund demonstrated confidence by acquiring 25 lakh shares (a 1.64 percent stake) in BlueStone Jewellery and Lifestyle for Rs 130.51 crore, traded at Rs 522.05 per share.

Strategic Acquisitions in Financial Services Sector​

In the financial services space, Lyptus Punch-Card Fund, backed by Westbourne Investment Managers, acquired a 3 percent stake in Capital Small Finance Bank. The purchase was made from Oman India Joint Investment Fund II for Rs 36.78 crore at a price of Rs 270 per share.

Capital Small Finance Bank shares saw a rise of 1.81 percent, settling at Rs 273.05. This transaction involved the divestment by Oman India Joint Investment Fund, which held a 5.53 percent stake as of March 2026.

Additionally, Ambit Wealth acquired 10 lakh units in TVS Infrastructure Trust from Edelweiss Life Insurance Company for Rs 11.6 crore. The specified transaction price for the units was Rs 116.