UK-based Morgan Advanced Materials on Thursday exited Foseco India by selling its entire 15.26 per cent stake in the company for Rs 678 crore through open market transactions.
Morgan Advanced Materials, through its two affiliates Morganite Crucible Ltd and Morgan Terrassen BV, sold a total of 11,50,800 shares, amounting to a combined 15.26 per cent stake in Pune-based Foseco India, as per block deal data on the NSE.
The shares were disposed of at an average price of Rs 5,897 apiece, taking the deal value to Rs 678.62 crore.
Institutional investors step in
Meanwhile, a clutch of domestic and foreign institutional investors stepped in to buy the shares of Foseco India at the same price.
Mutual Funds managed by LIC, Motilal Oswal, Invesco, SBI, Mahindra Manulife and Mirae Asset have bought the shares.
Family office of Infosys Co-founder Narayana Murthy, Catamaran Ventures, also participated in the transaction.
Morgan Stanley and Citigroup Global Markets were among the foreign investors that acquired shares of Foseco India, as per the data.
Shares of Foseco India rose marginally to close at Rs 6,100 apiece on the National Stock Exchange (NSE).
Foseco India is engaged in the foundry sector.