Friday, October 26, 2012

Lionhart sells more of ERI, Caledonian now owns 13%

Biggest shareholder Lionhart shed further stakes worth Rs. 587 million in ERI this week.

 On Tuesday it sold 24 million shares or a near 7% stake of ERI for Rs. 361.6 million to Caledonian Securities.

A fortnight ago the Daily FT exclusively reported the first set of purchases by Caledonian, whilst this week following the additions, the foreign investor disclosed to the CSE that it now owns 13.12% or nearly 46 million shares of ERI.

 Lionhart also sold 24 million each of Warrants 0003 and Warrants 0006 for Rs. 107.7 million and Rs. 117.3 million respectively.

 As at June 2012, Lionhart Investments Ltd. held a 75% stake in ERI and with recent shedding, the current stake is estimated to be below 60%.

source -

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