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Wasatch ups Elgi holding; KBC Asset Management cuts Jain Irrigation stake

By Narinder Kapur

  • 19 Mar 2021
Wasatch ups Elgi holding; KBC Asset Management cuts Jain Irrigation stake
Credit: 123RF.com

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. 

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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. 

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. 

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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. 

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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. 

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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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