Wasatch ups Elgi holding; KBC Asset Management cuts Jain Irrigation stake
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Wasatch Global Investors, a United States-based active investment management firm, has increased its stake in air compressor and related products manufacturer Elgi Equipments Ltd. 

In a filing with stock exchanges, Wasatch says it picked up one million shares in Coimbatore-based Elgi on March 9. Going by the closing price of the stock on that day, this translates into a consideration of Rs 20.45 crore for the stake. 

Wasatch has picked up another 0.32% in the company with this acquisition, taking its total holding to 5.06%. Other investors include Nalanda Capital, which holds 2.8%, according to stock exchange data. 

Shares of Elgi were trading down 1.25% at Rs 189.1 apiece. The company reported consolidated net sales and post-tax profits of Rs 1,829.39 crore and Rs 42.56 crore, respectively, for the 2019-20 financial year. 

Jain Irrigation Systems 

KBC Asset Management, the investment management arm of Belgium-based KBC banking-insurance financial services group, has reduced its stake in publicly-listed Jain Irrigation Systems. 

The firm has sold a little over 4.52 million shares in Jalgaon-based Jain Irrigation Systems, it said in a stock exchange filing. The shares sold represent a 0.92% stake in the company, and the transaction took place through the open market route. 

Going by the closing price of the stock on the day the shares were sold – March 9 – the transaction took place for a consideration of around Rs 11.35 crore. Following this, KBC Asset Management’s stake in the company now stands at 3.27%, it said. 

Shares of Jain Irrigation Systems closed trading on Friday 4.7% up at Rs 21.15. The company reported net sales and post-tax losses of Rs 1,958.78 crore and Rs 508.3 crore for the 2020 fiscal. 

InCred Capital 

InCred Capital, the advisory and asset management services arm of the InCred Group, has raised capital in a top-up equity round, it said on Friday. 

Mumbai-based InCred Capital has secured this funding from family offices in India, London Singapore, and Dubai, the firm said in a statement. However, it did not disclose the identities of these investors or the amount it has raised. 

This fundraise comes two months after InCred Asset Management hired ICICI Prudential AMC’s Mrinal Singh as its chief investment and chief executive officer. 

InCred Capital began its wealth management operations a year ago, and says it has already achieved Rs 5,000 crore in assets under management. It also operates an investment banking and debt capital markets division. 

The Bhupinder Singh-led group also operated InCred Finance, its retail and small business-focussed non-banking arm. 

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