Narayan Murthy's family office Catamaran Ventures, along with Morgan Stanley, LIC Mutual Fund, Citi Group Global Markets Singapore, and Mirae Asset, acquired shares in Foseco India in a block deal on Thursday. The transaction involved the sale of 11,50,800 shares by Morganite Crucible Limited and Morgan Terrassen BV for ₹678.6 crore, marking their complete exit from the company, according to livemint.com.
The block deal saw multiple institutional investors participate, with Catamaran Ventures purchasing 55,978 shares. The sale by Morganite Crucible Limited and Morgan Terrassen BV represented a strategic exit from Foseco India. The involvement of prominent investors such as Morgan Stanley and LIC Mutual Fund highlights the deal's significance in the market. The transaction was executed on Thursday, reflecting active trading interest in Foseco India shares.
This deal is notable in the chemical sector, where Foseco India operates, as it attracted heavyweight investors including Narayan Murthy's family office and global financial institutions. The ₹678.6 crore transaction underscores strong investor confidence in the company’s prospects. Such block deals often influence market sentiment and can signal shifts in shareholding patterns among major stakeholders in the Indian chemical industry.
Following this transaction, Morganite Crucible Limited and Morgan Terrassen BV have fully exited their holdings in Foseco India. The next significant market update for Foseco India will be its quarterly earnings report, which investors will closely monitor to assess the impact of these shareholding changes on the company’s performance.