Morgan Advanced Materials Sells Foseco India Stake for ₹678.63 Cr
By ThePip Desk
Morgan Advanced Materials divests its entire 15.26% stake in Foseco India for ₹678.63 crore via open market transactions to institutional investors.
Morgan Advanced Materials has completed the sale of its entire stake in Foseco India, executing the transaction through open market operations valued at approximately ₹678.63 crore.
Shareholding Details and Price Point
The divestment involved Morgan Advanced Materials, acting through its affiliates Morgan Terrassen B V and Morganite Crucible, offloading 11.51 lakh shares. This quantity represents 15.26% of Foseco India’s total shareholding.
- Shares sold: 11.51 lakh
- Percentage of total shareholding: 15.26%
- Average price per share: ₹5,897
The shares were sold at an average price of ₹5,897 apiece, securing the significant valuation for the transaction.
Key Buyers in the Transaction
A consortium of institutional investors acquired an equivalent number of shares at the identical price point. These buyers include prominent names in the financial sector.
- Citigroup Global Markets Singapore PTE
- Invesco Mutual Fund
- LIC Mutual Fund
- Mahindra Manulife Mutual Fund
- MIRAE Asset Mutual Fund
- Morgan Stanley Asia Singapore PTE
- Catamaran Ventures LLP
- SBI Mutual Fund
- Motilal Oswal Mutual Fund
Foseco India operates primarily in the manufacturing sector, focusing on foundry chemicals and fluxes.