Indian equity investor Rakesh Jhunjhunwala has acquired 4.5 per cent additional stake in Mumbai-based engineering solutions firm Geometric Ltd from a Credit Suisse arm for Rs 30 crore ($5.5 million). Jhunjhunwala purchased 2.8 million shares of Geometric for Rs 106 per share on the Bombay Stock Exchange on Thursday.
Geometric scrip which shot up over 7 per cent on Thursday, hit a 52-week high and was trading at Rs 114.15 a share on the BSE in a strong Mumbai market on Friday. The scrip has risen more than three times since last November.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala already held a little over 10 per cent stake in Geometric as of June 30, 2012, making them the largest non-promoter shareholders of the public listed company. The latest investment takes their holding to 14.55 per cent.
Founded in 1994 as a division of privately held Godrej & Boyce, Geometric Ltd (formerly known as Geometric Software Solutions Ltd) is a specialist in the domain of engineering solutions, services and technologies.
The firm’s portfolio of global engineering services and digital technology solutions for product lifecycle management enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization life cycle.
In 2006, ICICI Venture had picked a little over 6 per cent stake in Geometric for around $9.2 million as per VCCEdge, the financial research platform of VCCircle. It remains invested in the company.
(Edited by Prem Udayabhanu)