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Thursday, Dec 04, 2003

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Boston-based fund picks up stake in KEC

Our Bureau

Mumbai , Dec. 3

GMO Emerging Markets Fund, a Boston-based FII, has picked up a 5.01 per cent stake in power transmission company KEC International Ltd.

KEC informed the stock exchange on Wednesday that GMO Emerging Markets Fund had acquired 17.97 lakh shares in KEC International through secondary market purchases. Company officials said the stake was picked up in tranches. KEC International was informed on November 28 that GMO's share has crossed the 5-per cent levels.

GMO Emerging is believed to hold interests in various Indian companies, amounting to $500 million, according to market sources. KEC International Ltd's Indian promoters include Ceat Ventures, RPG Group and Harrisons Malayalam Financial Services. While banks and Indian financial institutions held a 15.56 per cent stake in the company, FIIs had a share of only 0.21 per cent in the company till the end of the first quarter.

In the second quarter this year, positive growth in the power sector saw the company report a net profit of Rs 6.94 crore (net loss Rs 4.32 crore).

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