Business Daily from THE HINDU group of publications
Saturday, Nov 21, 2009
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Business Daily from THE HINDU group of publications Saturday, Nov 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Foreign Institutional Investors
Our Bureau Mumbai, Nov. 20 A hedge fund of the Galleon Group, owned by Sri Lankan national Mr Raj Rajratnam, on Friday sold its entire 7 per cent stake in Edelweiss Capital for Rs 255.54 crore. Last month, US investigating authorities charged Mr Rajratnam along with some other executives from top US firms with insider trading and making over $20 million in illegal profits over several years. The stake sale by Galleon Group on Friday coincided with Edelweiss Capital announcing an agreement with Japan-based insurance firm Tokio Marine to establish a life insurance joint venture in India. “The proposed joint venture (Edelweiss Tokio Life Insurance) will approach IRDA to obtain the life insurance licence,” Edelweiss Capital said in a disclosure to the BSE. Edelweiss Capital’s main businesses are institutional broking and investment banking. It also has a mutual fund business with assets under management of Rs 126 crore as on October 31. More than 52 lakh shares (52,68,968 shares) of Edelweiss were sold on the BSE by two Galleon Group entities – Galleon International Master Fund and Galleon Special Opportunity Master Fund – at an average price of Rs 485 a share, the BSE bulk deal data report showed. The shares were bought by three entities at an average price of Rs 485 a share. Swiss institutional investors Privatbank IHAG Zurich bought 26 lakh shares, Reliance Mutual Fund bought 8 lakh shares and Edelweiss promoters Rashesh Shah and Venkat Ramaswamy, as trustees of Edelweiss Employee Welfare Fund, bought 21 lakh plus shares (21,13, 992 shares). Mr Shah and promoter group entities hold 38.09 per cent stake in Edelweiss, according to the disclosure made to BSE on September 30. Mr Shah couldn’t be contacted for comments. Edelweiss shares closed 5 per cent up at Rs 510 on the NSE, and on the BSE it closed flat at Rs 485. More Stories on : Foreign Institutional Investors | Financial Services | Stocks
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