TCI, largest seller of Indian equities among FIIs

MUMBAI: The Children���s Fund, the activist hedge fund, has emerged as the biggest seller of Indian equities among all institutional investors.

The Christopher Hohn-founded fund, also known as TCI, is reported to account for about 10% of an estimated $20.8 billion sale of Indian shares by foreign investors so far in 2009.

TCI is reported to have sold $2.2 billion worth of stocks, which is almost one-third of the purchases the fund made in 2008.

In September, TCI, which owns more than 2% in Sterlite, put up a strong opposition to a restructuring plan suggested by the mining company, on the grounds that the plan would affect minority shareholders. TCI���s move forced the Sterlite management to defer its restructuring programme.

Last year, TCI invested $6.7 billion in Indian companies, mostly banks, at a time when other foreign institutional investors were cutting down exposures.