Swiss firm Rieter has sold its balance 3.48 per cent stake in Coimbatore-based Lakshmi Machine Works. It sold 3.91 lakh shares in the market at an average price of Rs 2,002.59.
HDFC Mutual Fund and Reliance Mutual Fund have bought most of the shares, according to the NSE bulk deal data.
While promoters holding stands at 28.34 per cent, retail investors hold a little over 20 per cent. FIIs have an exposure to the tune of 4.47 per cent. Big investors in the company include LIC (9.71 per cent), Voltas (5.33 per cent), Nemish S. Shah (3.57 per cent) and Amansa Investments (3.82 per cent).
Last year, Rieter and LMW agreed to part ways. Due to the changes in the market conditions in India, the partners had agreed to concentrate on their strengths with Rieter setting up a manufacturing facility in Pune for making ring spinning frames for the Indian market.
Following this, the Swiss major had sold about 14 per cent stake in LMW through the buyback offer launched by the latter.
Also, textile machinery manufacturing major bought out Rieter shares in Rieter-LMW Machinery Ltd (RLM), a 50:50 joint venture company.
The stock touched a 52-week high of Rs 2,139 (on September 27) and a low of Rs 1,426 (December 20, 2011) and gave out a return of 41 per cent in 2012.