Pine Oak Global Fund, the Mauritius-based open-ended collective investment scheme, has reduced its equity position in Ganga Forging through strategic divestment. According to bulk deals data, the fund sold 1 crore equity shares representing 2.97 percent of paid-up equity in the Gujarat-based steel forging manufacturer. The transaction was executed at ₹1.67 per share, totaling ₹1.67 crore in the forged and machined components maker. The sale comes after sustained weakness in the stock, which snapped a five-session losing streak on July 27.
The divestment was conducted from Pine Oak Global Fund's total shareholding of 12.76 percent (4.3 crore equity shares) in Ganga Forging as of July 21, 2026. The selling price of ₹1.67 per share reflects the current market valuation of the steel forging manufacturer. This transaction represents a significant reduction in the fund's position in the company, with the foreign investor holding a 12.76% stake before the sale.
Several new investors acquired stakes in Ganga Forging during the same trading session. Soham Vasantbhai Mangroliya purchased 42.03 lakh shares for ₹70.19 lakh, while Rohan Madhubhai Vekaria acquired 39.78 lakh shares for ₹66.43 lakh, both at the same price of ₹1.67 per share. Additionally, Thakor Nayana Chandubhai bought 19.12 lakh shares at ₹1.63 per share, valued at ₹31.17 lakh. The shares were purchased by multiple investors through separate bulk deals, with the transaction representing 2.97% of Ganga Forging's paid-up equity capital.
Following the transaction, Ganga Forging shares rebounded 0.6 percent to ₹1.68 on the NSE, ending five consecutive sessions of losses. The stock's recovery suggests investor confidence despite the significant stake reduction by the institutional investor. The company manufactures forged and machined steel components used across industries including automotive, railways, mining, oil and gas, agriculture and engineering. The stock has remained under pressure in recent months, reflecting weak investor sentiment in the small-cap industrial segment. The company had earlier informed exchanges about plans to raise funds through a rights issue, signalling efforts to strengthen its balance sheet and support future growth.
