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Our Bureau

Kolkata May 10 Fidelity Management and Research Corporation (FMR Corp) and Fidelity International Ltd (FIL) have pared their combined holding in Arvind Mills.

Funds under the management of FMR Corp and its direct as also indirect subsidiaries along with FIL and its subsidiaries have sold 24.66 lakh shares of Arvind Mills on April 27 in the open market.

This represents 1.18 per cent of the company's paid-up equity.

After this unloading, Fidelity's holding in Arvind has come down to 2.03 per cent.

Fidelity Investments (Fidelity) is made up of two independent but closely cooperating companies, FMR Corp and FIL. It has a large family of mutual funds. Fidelity has been investing in Indian equities through its various outfits.

Arvind Mills has been seeing reduction in FII investments in the past four quarters. As on March 31, 2007, it had total FII investments of 18.53 per cent or 3.88 crore shares, against 25.35 per cent or 5.31 crore as on March 31, 2006. In the March 2007 quarter, Fid Funds Mauritius Ltd held 6.9 per cent stake in Arvind Mills.

Fidelity's India Focus Fund invests in Indian securities through its wholly owned Mauritian subsidiary, Fid Funds (Mauritius) Ltd, whose sole object is to carry out investment activities on behalf of the fund.

Fidelity Investments Management (Hong Kong) Ltd provides investment advisory and management services to Fid Funds (Mauritius) Ltd in relation to Indian securities.

Other FII stakeholders in Arvind Mills are CLSA (account CLSA Mauritius Ltd), ABN Amro London branch and Morgan Stanley (account Morgan Stanley Dean Witter Mauritius Co Ltd).

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