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Vontobel Fund buys 6.26 pct stake in Westlife Developers for Rs 321 cr

Sep 12 2013, 21:56 IST
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The shares were bought for an average price of Rs 341, valuing the transaction at Rs 320.93 cr. Reuters The shares were bought for an average price of Rs 341, valuing the transaction at Rs 320.93 cr. Reuters
SummaryThe shares were bought for an average price of Rs 341, valuing the transaction at Rs 320.93 cr.

US-based Vontobel Fund today picked up 6.26 per cent stake in Westlife Developers for about Rs 321 crore through open market route.

Vontobel Fund purchased 94.12 lakh shares, amounting to 6.26 per cent stake of Westlife Developers, according to information available with the stock exchanges.

The shares were bought for an average price of Rs 341, valuing the transaction at Rs 320.93 crore, as per the data.

Westlife Development's direct subsidiary Hardcastle Restaurants is the master franchisee for west and south India operations of McDonald's Restaurants.

Vontobel Fund is run by Vontobel Asset Management Inc and Rajiv Jain manages a total of USD 42.5 billion assets for the company.

Meanwhile, Bay Capital Investments, Bay Capital Investment Managers, India Discovery Fund and Decent Enterprises together offloaded about 88 lakh shares of Westlife Developers for Rs 300 crore through bulk deals.

Individually, Bay Capital Investment Managers shed 20.48 lakh shares in a transaction worth Rs 69.84 crore and Bay Capital Investments sold 43.71 lakh scrips for an estimated Rs 14.90 crore.

Decent Enterprises offloaded 14 lakh scrips for Rs 47.74 crore and India Discovery Fund sold 9.7 lakh shares of Westlife Developers for Rs 33 crore.

At the end of August 17, 2013, Bay Capital Investments held 1.77 crore shares, amounting to 11.85 per cent stake of Westlife Developers, while Bay Capital Investment Managers held 65.43 lakh scrips or 4.36 per cent holding in the company during the period.

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