UBS Warburg, UTI sell 2.75% stake in ACC; LIC stake up 1%
By Nisha Das | 16 Apr 2003
UBS Warburg has sold its entire 1.73-per cent stake (29,50,814 shares) in ACC while UTI has reduced its exposure in the company from the earlier 2.67 per cent to 1.65 per cent. But Life Insurance Corporation (LIC) has increased its stake in the company by 1 per cent to 15.69 per cent from the earlier 14.36 per cent.
An FII in the company, the Singapore government, has also reduced its stake in ACC by around 1 per cent from 2.96 per cent to 2 per cent during the same period. But, FIIs like ABN Amro, Tempelton Investment Counsel Inc and Capital Research Group have maintained their existing stake in the company. Currently, the holding of FIIs in ACC is 18.82 per cent.
Earlier, the Singapore government had reduced its holding in ACC from 5.04 per cent to 2.96 per cent. Market analysts say the selling by the Singapore government was due to portfolio restructuring.
The interest of FIIs in the shares of ACC has reduced in the last one year from 21.45 per cent in March 2002 to 18.82 per cent on 31 March 2003. According to market players, the main factor for the FII interest in ACC shares waning has been the dismal performance of the cement sector since last year.