Standard Chartered Cuts Stake In PI Industries
Standard Chartered Investments and Loans has cut down on its holding in P.I Industries Limited by selling over 3.5 lakh shares through exchanges.
The foreign bank sold 2.18 lakh shares on BSE and over 1.35 lakh shares on NSE at an average price of R530 per share. Total sale amounted to more than R18.75 Cr.
In October Stan Chart had sold over 8.20 lakh shares at R570.11 per share amounting to more than R46.77 Cr, majorly of which was bought by Citigroup Global Markets.
It held 6.93% stake in the company as on September 2012 and the recent consecutive cuts of almost 4.66% hint at an exit by the bank.
Another major stakeholder Rowanhill Investments was also selling its stake since last year in the company and as on September 2012 held 5.40%.
JP Morgan (3.82%) and Ironwood Investment Holdings (4.40%) are the other majority stakeholder in the firm.
PI Industries is into agri inputs, fine chemicals, CRAMS, polymers and engineering plastic compounds.
PI had diversified into polymer compounding business in 1994 and since then has been closely working with OEMs in automotive, electricals and home appliances industry segments to develop bespoke engineering plastics compounds.
In 2010, it sold its engineering plastics business to French firm Rhodia SA.
The PI group has agrochemical manufacturing facilities and five multiproduct plants for CSM in Panoli (Gujarat), one formulation facility in Jammu, and one R&D unit in Udaipur (Rajasthan).
The group is currently focused on expansion in CSM and plans to add capacities for its CSM division over the medium term at a cost of R150 Cr.
In the space recently, Rakesh Jhunjhunwala acquired 952,000 shares representing 0.49% stake in Rallis India for around R12 Cr through open market transaction.
Madhya Bharat Agro Products had planned to raise funds through IPO recently but no development was seen as yet.
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