Wipro chairman Azim Premji on Wednesday acquired a 3.76 per cent stake in silk yarn and fabrics maker Himatsingka Seide for Rs 108.80 crore (Rs 1.09 billion). Premji bought 800,000 shares of the company at Rs 136 a share from Arsaig Partners Asia Pte in a block deal.
The Himatsingka stock closed at Rs 137 on the BSE on Wednesday with 875,000 shares traded against a two-week average volume of 145,000 shares.
Himatsingka Seide, with an equity capital of Rs 19.117 crore (Rs 191 million), had reported a net profit of Rs 46.40 crore (Rs 464 million) in 2004-05. On September 30, 2005, Indian promoters held 61 per cent stake in Himatsingka. Institutional investors held 14.53 per cent stake, and Indian public 19 per cent.
