Ambadi Enterprises Limited and Murugappa and Sons sold 0.99 per cent stake in Tube Investments of India Limited on September 29, the company announced through an exchange filing on Tuesday. While Ambadi Enterprises sold 10,58,200 shares Murugappa and Sons sold 8,63,980 shares on the Bombay Stock Exchange and the National Stock Exchange of India Limited.
Both the companies are part of the promoter and promoter group of Tube Investments of India.
Prior to the sale of stake the promoters held 46.11 per cent stake representing 8,91,43,647 shares. However, post the sale the share holding went down to 45.12 per cent consisting of 8,72,21,467 shares.
Tube Investment of India share
The shares of Tube Investment of India on Tuesday afternoon at 1:13 pm IST were trading at Rs 2,982.65, down by 0.19 per cent.
Lotus Surgical acquisition
Tube Investments of India earlier this year along with investment firm Premji Invest, has entered into an agreement with the shareholders of Lotus Surgicals Pvt Ltd to acquire the company.