Capital Trust buys 7.5% ERI stake for Rs. 429 m

Tuesday, 22 January 2013 00:00 - - {{hitsCtrl.values.hits}}

Capital Trust Partners yesterday bought a 7.5% stake in Environmental Resources Investment (ERI) for Rs. 429 million.

The block amounting to 26 million shares was done at Rs. 16.50 each. Seller was Lionhart Investments, which has considerably reduced its stake in ERI in recent months.

Overall ERI saw 27.09 million of its share change hands yesterday for Rs. 447.3 million, thereby becoming the biggest contributor to turnover. The share price of ERI gained by 80 cents to Rs. 16.90.

As at September 2012, Capital Trust Holdings held around 2% stake and with yesterday’s purchase Capital Trust Group is estimated to be nearly 10%.

In November Lionhart sold 29% stake in ERI to Taprobane Holdings Plc for Rs.1.7 billion whilst ERI bought 20% stake in Browns Investments Plc for Rs. 2 billion from Taprobane Holdings Plc.