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PI Industries’ promoters sold 6.4% stake of the company
Dec. 14, 2015
PI Industries Ltd
IndiaFollow
IndiaIndian agrochemical company PI Industries Limited announced that its promoters have divested their holding to the extent of 6.4%. Their holding will stand at 51.7%, ex-transaction.
The stake was acquired by a combination of high-quality domestic and foreign investors, reaffirming their faith in the Company’s long-term prospects. The buyers include India Midcap Mauritius, SBI Mutual Fund, GMO Emerging Domestic Opportunities Fund and Stichting Depositary Apg Emerging Markets Equity Pool. The proceeds from this transaction will be utilised towards family and philanthropic activities of the promoters.
For FY2015, PI reported revenues of Rs. 1,940 crore and Profit After Tax (PAT) of Rs. 243 crore. The growth in performance has continued through H1 FY2016 with revenues at Rs. 1,001 Crore and PAT of Rs. 145.5 crore. The outlook going forward remains robust backed by a differentiated model followed by PI in the domestic market and in its exports operations.
Source: PI Industries Limited
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