| According to data available from the website of the Bombay Stock Exchange, ELM International and Affinity Investment sold 1.91 crore and 6 crore shares, respecetively, through block deals. |
| The combined sale of 7.91 crore share represents a 5.85 per cent stake in Gujarat Ambuja Cements. The cement company has a paid-up equity of 135.18 crore shares. The data show Capital Income Builder International bought 5.6 crore shares and T Rowe Price International purchased 2.21 crore shares. |
| Sources said ELM International and Affinity Investment are affiliates of Warburg Pincus. However, the foreign investment company did not comment on the identity of the buyers. When contacted, Warburg Pincus officials referred the query to its PR consultant who in turn could not comment. |
| Market sources said Warburg Pincus received 260 per cent return on its investments in Gujarat Ambuja Cements in four years. In 2001, it had acquired 80 lakh shares at around Rs 225 apiece for a total consideration of Rs 180 crore. The number of shares increased due to a bonus issue and share spilt. |
| Sources added that with today's sale, Warburg exited from Gujarat Ambuja Cements. On Sepetember 30, 2005, ELM International and Affinity Investment held a combined 7.47 per cent stake. |
| The shareholders of Gujarat Ambuja Cements include California Public Employees Retirement System, Genesis India Investment, J P Morgan Fleming Asset Management Janus Contraria Fund and Meini Bank Aktiengesellscraft. The promoters hold 17.34 per cent stake. Domestic institutions like LIC and GIC have a combined 12 per cent stake. |
| Recently, Warburg Pincus pulled out of Bharti Tele-Ventures by selling its 5.65 per cent stake to Vodafone for Rs 3760 crore. The Gujarat Ambuja stock closed at Rs 81.65 on BSE, 2.06 per cent higher than previous closing of Rs 80. Moving away |
Top Section
Explore Business Standard