Credit Renaissance exits EPC Industries, sells 17% stake for Rs 61cr

Jan 08 2013, 21:58 IST
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SummaryCredit Renaissance Fund was the largest shareholder of the company

Credit Renaissance Fund today offloaded its entire over 17 per cent stake in micro irrigation systems maker EPC Industries for more than Rs 61 crore in bulk deals on the exchanges.

Credit Renaissance Fund, which held 47,81,667 shares or 17.31 per cent stake in EPC Industries at the end of September quarter, was the largest shareholder of the company.

The shares were sold at an average price of Rs 128, aggregating the deal size to Rs 61.20 crore, according to the stock exchange data.

Meanwhile, seven entities, including Reliance Capital Asset Management, Reliance net Ltd, Indea Ankam Master Fund, Meena Ashwin Kothari, Aadi Financial Advisors LLP, Shardul Securities Ltd and Morgan Stanley Asia (Singapore) PTE bought a total of 45.74 lakh shares in EPC Industries for Rs 58.55 crore.

Shares of EPC Industries jumped by 10 per cent to settle at Rs 152.90 apiece on the BSE.

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