Morgan Advanced Materials exits Foseco India
Domestic and foreign institutional investors, including mutual funds and global financial firms, bought the shares at the same transaction price.
Morgan Advanced Materials has divested its entire 15.26 per cent stake in Foseco India, selling the shares through open market transactions. The sale, conducted by the company's affiliates Morganite Crucible Ltd and Morgan Terrassen BV, resulted in the disposal of 11,50,800 shares, valued at a combined Rs 678.62 crore. The transaction took place at an average price of Rs 5,897 per share, causing Foseco India's shares to rise marginally to close at Rs 6,100 on the National Stock Exchange (NSE).
Various institutional investors, including mutual funds managed by LIC, Motilal Oswal, Invesco, SBI, Mahindra Manulife and Mirae Asset, as well as the family office of Infosys Co-founder Narayana Murthy and Catamaran Ventures, participated in the acquisition of Foseco India's shares.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
