CPCI (Mauritius) Ltd has picked up 9.63% share in Hinduja Group firm Hinduja Foundries, through a Qualified Institutional Placement (QIP).
The company has acquired 70 lakh shares and on the trade date of January 29, 2014, the share price of the company in the market was Rs 27.95 per equity share, according to the data with Bombay Stock Exchange.
It may be noted that some of the investment, including Albula Investment, has recently picked up stake in Hinduja Foundries, which earlier was referred to BIFR, as the company's networth eroded by almost 50%.
Hinduja Foundries Ltd, the foundry arm of Hinduja Group and arm of Ashok Leyland, has received approval from the share holders to allot equity shares through Qualified Institutional Placement (QIP) and preferential allotment to a promoter group entity to raise a sum not exceeding Rs 150 crore.
