UK-based `Genesis Asset Managers has picked up a 5% stake in pipe manufacturer Welspun Gujarat for over Rs300 crore from the secondary market.
“The fund house has bought the stake from the open market. This shows the long-term viability of the company,” Welspun Gujarat president Akhil Jindal told PTI on 29 July.
Welspun Gujarat’s stock was trading at Rs328 in the afternoon on the Bombay Stock Exchange, down from Rs343.1 from the previous closing. The market capitalization of the company was Rs6,115.53 crore.
Another UK-based private equity and venture capital company, 3i acquired 6.6% stake in Welspun Gujarat from the secondary market in October 2007. (Livemint)