Morgan Advanced Materials exits Foseco India in Rs 678 crore stake sale
What's the deal? UK-based Morgan Advanced MaterialsDealroom has a profile for this one. Try Dealroom → on August 27 sold its entire 15.26% stake in Pune-based Foseco IndiaDealroom has a profile for this one. Try Dealroom → for Rs 678.62 crore through open market transactions. It offloaded 1,150,800 shares at an average price of Rs 5,897 apiece.
Who's involved? Morgan sold the shares via two affiliates, Morganite Crucible LtdDealroom has a profile for this one. Try Dealroom → and Morgan Terrassen BVDealroom has a profile for this one. Try Dealroom →, according to block deal data on the National Stock Exchange (NSE)Dealroom has a profile for this one. Try Dealroom →. FosecoDealroom has a profile for this one. Try Dealroom → India operates in the foundry sector.
Who bought in? A mix of domestic and foreign institutional investors picked up the shares at the same price. Buyers included mutual funds managed by LICDealroom has a profile for this one. Try Dealroom →, Motilal OswalDealroom has a profile for this one. Try Dealroom →, Invesco, SBIDealroom has a profile for this one. Try Dealroom →, Mahindra ManulifeDealroom has a profile for this one. Try Dealroom →, and Mirae AssetDealroom has a profile for this one. Try Dealroom →.
Catamaran VenturesDealroom has a profile for this one. Try Dealroom →, the family office of InfosysDealroom has a profile for this one. Try Dealroom → co-founder Narayana Murthy, also participated. Foreign investors Morgan StanleyDealroom has a profile for this one. Try Dealroom → and Citigroup Global MarketsDealroom has a profile for this one. Try Dealroom → acquired shares too.
Market reaction? Foseco India shares rose marginally to close at Rs 6,100 apiece on the NSE.
The signal: A foreign parent's full exit met with strong domestic demand shows local institutions and marquee family offices are ready to absorb large blocks of India's industrial mid-caps.
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