ICICI Pru Flexicap Fund has picked up about 27 lakh shares of Redtape, almost 2% stake, during the month of August investing about 118 crs. It is the second mutual fund after HDFC MF to invest in the Co. HDFC Small Cap fund continues to hold about 4%, which it has for the last few quarters (Pre demerger).
Fund houses like HDFC & ICICI getting interested in the Co. is a very positive sign. If accompanied by good numbers in the coming quarters, which seems likely if the June qtr numbers are anything to go by, then it could well mean a good ride ahead for the existing shareholders, if only they can hold their horses!
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