NY-based investment firm acquires 13.81% in Greenply

New Delhi, June 8 (UNI) Greenply Industries Ltd today announced that the New York-based Aeneas Portfolio Company has picked up a 13.81 per cent stake in it on diluted basis, for Rs 26.76 crore.

This acquisition has taken the overall foreign investment in Greenply to 20.28 per cent.

''The deal has come at a time when a few foreign funds are selling on the bourses. The investment underlines that FIIs and foreign investors continue to be bullish on India and select Indian stocks,'' Greenply Joint Managing Director Saurabh Mittal said. The Greenply board has approved preferential allotment of 23,47,000 equity shares of Rs 5 each at a price of Rs 114 to Aeneas.

The company also has plans to issue additional 6,70,000 equity shares to its promotors along with 5,45,000 convertible warrants, which will give them an option to subscribe to an equal number of shares of Rs 5 each.

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