Morgan Stanley picks up stake in Chola Investment
Morgan Stanley has bought shares worth around Rs 40.39 crore in Murugappa Group's NBFC Cholamandalam Investment and Finance Company (CIFCL). The shares were sold by Copthall Mauritius Investment Limited.
According to BSE bulk deals data, Morgan Stanley Asia (Singapore) Private Limited bought 20,19,915 shares, sold by Copthall Mauritius, through a bulk deal transaction on the BSE. The shares represent 1.52 per cent in the NBFC. The shares were bought at a price of Rs 200 a share.
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The other major stakeholders in the company include International Finance Corporation (8.93%), Creador 1 LLC (5%) and Amansa Investments (3.16%) . In February, Multiples PE and Creador Capital invested Rs 212 crore in the company.
The company was started as Cholamandalam DBS Finance Ltd, a JV between Murugappa Group and DBS Bank. In April 2010, after the Murugappa group bought DBS Bank's 37.48 per cent stake in CIFCL for Rs 376 crore through its group companies - Tube Investments of India and New Ambadi Estates the name was changed to Cholamandalam Investment & Finance Company.