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Capital Market | 16 October 2012

Reliance, HDFC MF Invest And Rieter Machine Exits Lakshmi Machine Works

by Ahemad Shaikh
Reliance, HDFC MF Invest And Rieter Machine Exits Lakshmi Machine Works
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Reliance and HDFC Mutual Fund have acquired 1.77%, 1.67% stake in Lakshmi Machine Works respectively. Reliance Mutual fund bought 200000 shares for R2005 per share (R40 Cr) while HDFC bought 190087 shares for R2000 per share (R38 Cr), through bulk deal on NSE.

Meanwhile Rieter Machine Works exited LMW by selling its 3.48% stake for around R78.40 Cr.

LIC (9.71%), Voltas (5.33%) and Amansa Investments (3.82%) among others are the largest non-promoter shareholders in the company.

Founded in 1962, LMW is in textile machines manufacturing business. LMW has 60% market share in the domestic Textile Spinning Machinery Industry. It also manufactures CNC Machines tools.

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