SBI Mutual Fund paid Rs 341 crore in an open market transaction to acquire an additional 3.8% stake in Happy Forgings, a manufacturer of auto components.

In accordance with the BSE's bulk deal data, SBI Mutual Fund acquired 35.91 lakh shares of Happy Forgings, or 3.8% of the company.

The transaction value was Rs 341.22 crore, with the shares being purchased at an average price of Rs 950 each.

SBI Mutual Fund's stake in Happy Forgings rose from 1.97 percent to 5.77 percent following the transaction.

In the meantime, Business Excellence Trust III sold 39.10 lakh shares, or 4.2% of Happy Forgings, for Rs 371 crore on the open market.

The manager of the Business Excellence Trust III Alternative Investment Fund, which is registered with the Sebi, is MOPE Investment Advisors. MOPE is a subsidiary of Motilal Oswal Financial Services Ltd. (MOSFL).

Following the sale of the shares at an average price of Rs 950.06 per share, the deal value was Rs 371.48 crore.

Business Excellence Trust III's ownership of Ludhiana-based Happy Forgings has dropped from 8.3% to 4.1% since the most recent deal.

Information about the other purchasers of Happy Forgings' shares was not available on the stock exchange.

On the BSE, Happy Forgings' stock dropped 1.32% to close at Rs 1,009.15 per share.