Analysts tracking the market say BSMAs exit from the Indian market is on the expected lines as the distressed fund has been liquidating its positions in various emerging markets as well as in the US to tide over the liquidity mess it has landed following the global financial meltdown. Though these are open market deals, it is interesting to note that BSMA had preferred to sell its stake in various companies to a single buyer, an analyst with a foreign brokerage house told FE.
The percentage stake it sold in various companies varies from a low of 0.60% to as high as 8.65%. The highest amount it raked from these deals is from the sale of its 1.68% stake in Jaiprakash Associates that netted a whooping Rs 171.62 crore. It has netted Rs 37.97 crore by selling 4,06,000 shares in SCI amounting to 1.73% stake in the company. It had gathered another Rs 24.94 crore by selling its 8.65% stake in Pannyam Cements and Rs 23.80 crore for its 7.74% stake in Pennar Industries. Similarly, it has sold its 3.25% stake in Sadbavana Engineering to Copthal for a consideration of Rs 13.60.
BSMA had sold its stakes in as much as seven companies on a single day in separate deals on BSE.