Reliance Capital Asset Management Limited has acquired a 7.5 per cent equity stake in Hyderabad-based Mold-Tek Technologies Ltd. The acquisition is through purchase of 6.63 lakh shares at Rs 45.02 per share in the open market. | |
| Mold-Tek managing director J Laxman Rao told Business Standard that the Reliance acquisition was "just a mutual fund investment". |
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| Mold-Tek was planning a major expansion of both its packaging and BPO divisions, and was in talks with some of the possible investors to secure funds to part finance the expansion programme. |
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| "The talks in this regard have not yet been crystallised. The required funds can be now secured with the help of Reliance," he said. |
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| For the half year ending September 2005, Mold-Tek posted a turnover of Rs 35.80 crore and a net profit of Rs 1.66 crore as compared to the Rs 27.96-crore turnover and a profit of Rs 30 lakh in the corresponding period last fiscal. |
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| Rao said that the company was expected to end the current fiscal with a net profit of about Rs 4 crore. |
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| According to Rao, Mold-Tek has started legal data support services from US law firms by establishing a 90-member BPO team. The total strength of the BPO outfit is poised to reach 200 by the end of this year. |
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| On the other hand, the company has recently started commercial production of its new packaging unit at Daman. |
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