Moser Baer gains 3% as HSBC hikes stake

MUMBAI: HSBC Global Investment Funds (Mauritius) has hiked its stake in Moser Baer to 5.14% from 4.99% through open market purchases.

At 12.15 pm, the Moser Baer stock was up 2.07% at Rs 71.60. Earlier in the day, it touched a high of Rs 73. The stock has gained 6% in the last one month. In a stock exchange disclosure, Moser Baer informed that HSBC Global Investment Funds (Mauritius) has bought 2.50 lakh shares through open market thereby increasing its stake in the company to 5.14%. Prior to the deal, the foreign entity held a total of 84.14 lakh shares representing 4.99% of the equity shares of the company.

Other leading foreign shareholders of Moser Baer include International Finance Corporation (8.96%), Electra Partners Mauritius (5.92%), Lehman Brothers Investment Management (1.42%) and Master Trust Bank of Japan (1.78%). Reliance Growth Fund also has a stake of 1.82% in the company. Promoters hold 16.29% in Moser Baer, according to the shareholding pattern as on Dec 31, 2008.

The company, interestingly, was in the news recently for the cancellation of repurchased foreign currency convertible bonds (FCCBs).