Mumbai: Axiscades Technologies promoter Jupiter Capital sold a 10.69 per cent stake — 45.48 lakh shares at ₹1,824 apiece — for ₹829.72 crore in a block deal on the NSE on September 29, according to PTI and BusinessLine. The sale, not a fresh fundraise, drew strong institutional demand.

Kotak Mutual Fund bought shares worth ₹380 crore, Abakkus Asset Manager ₹235 crore, Skegen ₹160 crore and Vanaja Sundar ₹55 crore. The stock hit the 10 per cent upper circuit on September 29 at ₹2,067.40 and gained another 7.48 per cent on September 30 to ₹2,222.

The defence and aerospace engineering company has been a market favourite amid India's defence indigenisation push. Analysts said the stake sale improves the free float and brings long-only institutional investors onto the register.

Jupiter Capital remains the promoter after the sale. The company has not announced any change in management or strategy following the transaction.

Market participants said the block deal was placed at a small discount to the market price and signalled strong institutional appetite. The stock has been among the top performers in the defence engineering space this year.