Genesis picks up 5pc stake in Welspun Gujarat for Rs 300cr
Genesis Asset Managers has picked up five per cent stake in pipe manufacturer Welspun Gujarat for over Rs 300 crore from the secondary market.
By PTI |
MUMBAI: Genesis Asset Managers has picked up five per cent stake in pipe manufacturer Welspun Gujarat for over Rs 300 crore from the secondary market.
"The fund house has bought stake from the open market. This shows the long-term viability of the company," Welspun Gujarat's President Akhil Jindal said.
Welspun Gujarat's scrips were trading at Rs 328 per share in the afternoon trading on the Bombay Stock Exchange, down from Rs 343.1 from the previous closing. The market capitalisation of the company was at Rs 6,115.53 crore.
The UK-based fund house which specialises in emerging markets bought the stake from the market.
Another UK-based private equity and venture capital company, 3i had acquired 6.6 per cent stake in Welspun Gujarat from the secondary market in October last year.
"The fund house has bought stake from the open market. This shows the long-term viability of the company," Welspun Gujarat's President Akhil Jindal said.
Welspun Gujarat's scrips were trading at Rs 328 per share in the afternoon trading on the Bombay Stock Exchange, down from Rs 343.1 from the previous closing. The market capitalisation of the company was at Rs 6,115.53 crore.
The UK-based fund house which specialises in emerging markets bought the stake from the market.
Another UK-based private equity and venture capital company, 3i had acquired 6.6 per cent stake in Welspun Gujarat from the secondary market in October last year.
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