George Soros' fund hikes stake in Educomp to 6%

Billionaire investor George Soros' hedge fund Quantum (M) has hiked its stake in Educomp  Solutions to nearly six per cent through purchase of shares worth Rs 112.35 crore (Rs 1.12 billion).

Quantum (M) has acquired three lakh shares representing 1.18 per cent stake worth Rs 112.35 crore (Rs 1.12 billion) in the company by private placement of shares, Educomp said in a disclosure to the Bombay Stock Exchange.

Prior to the acquisition the foreign fund held 4.79 per cent stake, which increased to 5.97 per cent comprising 1,129,000 shares in the IT education services provider.

Earlier this month, the board of the company had approved issuance of 16.2 crore (162 million) equity shares at Rs 3,745 per share aggregating to Rs 606.69 crore (Rs 6.06 billion).

Shares of Educomp were trading at Rs 4,089, up 4.66 per cent in the morning trade on the BSE.