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HSBC Unit Hikes Stake in Ceat

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New Delhi: A unit of HSBC has increased its stake in tyre maker Ceat Ltd to 5.64 per cent by acquiring shares off-market for an estimated Rs 130 crore.

Jwalamukhi Investments Holdings (JIH), a sub-account of HSBC Bank (Mauritius), acquired 14,21,375 shares in Ceat Ltd, amounting to a 3.51 per cent stake on July 31, 2015, the company said in a filing to the BSE.

With the acquisition, JIH, which already holds a 2.13 per cent stake, increased its holding in the company to 5.64 per cent.

Although the company did not share the acquisition price of the shares, it is estimated to be around Rs 130 crore based on the closing price of Rs 914.9 per scrip on July 31.

Shares in Ceat Ltd, on Monday, ended 1.65 per cent higher at Rs 930 apiece on the BSE.


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