The Hindu Business Line : Emerging Markets acquires 5.6 pc stake in Birla Corp

EVEN as the controversy over the will of Priyamvada's Birla continues, Emerging Markets Management, LLC has taken over 5 per cent stake in MP Birla group company Birla Corporation.

In a notice to stock exchanges, Birla Corporation informed that Emerging Markets Management, LLC as FII for sub-account EMSAF Mauritius and Emerging Markets Management, LLC FII for sub-account The EMM Umbrella Funds has acquired 43.47 lakh shares constituting 5.65 per cent the company's equity. These shares were purchased from May 2004 onwards and the purchase price ranged between Rs 90 to Rs 117.

Brokers said Birla Corporation was a good company in the cement sector and was professionally run. "Nothing is going to happen to the company because of the recent will issue," said a broker.

In today's trading, the stock price of the company closed at Rs 104.75, up 9.46 per cent on the BSE.

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