UAE-Based Company Buys 7.59% Stake In Nirlon

Three foreign portfolio investors and a fund house of Nirlon Ltd. sold stakes worth Rs 301.2 crore through open market transactions on Friday. The buyers include BSREP IV FPI Two Holdings (DIFC), a United Arab Emirates-based company.

Albula Investment Fund Ltd. sold 25.3 lakh shares or a 2.8% stake in the company. Arial Holding 1 sold 16.6 lakh shares or a 1.8% stake; Ares Diversified sold 15.8 lakh shares or a 1.75% stake; and Resonance Opportunities Fund sold 6.28 lakh shares or a 0.69% stake, according to the block deal data on the BSE.

As of June, Albula Investment Fund held a 2.81% stake, Arial Holdings 1 held 1.84% and Ares Diversified held 1.76%. Their stakes were completely divested.

BSREP IV FPI Two Holdings bought 68.5 lakh shares or a 7.59% stake, at Rs 440 apiece.

Shares of Nirlon closed 0.19% lower at Rs 438.50 apiece on the BSE, compared to a 0.28% advance in the benchmark Sensex. The company is in the business of development and management of an industrial park called Nirlon Knowledge Park in Mumbai.