Browns buys 26% stake in Sierra Cables for Rs. 1.7 b

Saturday, 22 March 2025 00:21 - - {{hitsCtrl.values.hits}}

Browns Investments PLC on Thursday acquired 26.16% stake in Sierra Cables PLC from Sierra Holdings Ltd., for Rs. 1.7 billion.

The stake amounting 140.6 million shares was bought at Rs. 12.30 each.

Sierra Holdings divested its stake of 26.67% or 146 million shares at a price ranging Rs. 16 and Rs. 12.30 per share.

Following the trades, Browns Investments PLC and its wholly owned subsidiary Iconic Trust Ltd., now collectively own 56.59% stake in Sierra Cables PLC. Iconic Trust previously held 30.4% stake.

Sierra Cables yesterday closed at Rs. 16, up by 50 cents. Browns Investments share price dipped by 10 cents to Rs. 7.40.