Corporate
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Mergers & Acquisitions
Oppenheimer, others acquire stake in Micro Inks
Our Bureau
Hyderabad
,
Aug 2
MICRO Inks Ltd, formerly known as Hindustan Inks, on Monday announced that Oppenheimer Funds Inc, EMIC, and Lloyd George Investment Management have acquired five lakh equity shares of the company, constituting 2.29 per cent of its paid-up capital, from Bilakhias, the promoters of Micro Inks.
Consequent to this sale, the promoters' holding will go down from 74.40 per cent to 72.11 per cent.
Commenting on the FII investment, Mr Vinay Pandya, Director (Finance), Micro Inks, in a statement said, "The divestment of 2.29 per cent shares by the promoters, holding close to 75 per cent stake in Micro Inks, is a step towards widening the shareholder base. We are delighted to have these leading international investors as shareholders in Micro Inks and their participation is a vote of confidence in the company and its business model."
Micro Inks began operations in1986 and is part of the $239-million Bilakhia Group, which has diverse interests in printing inks, resins, flushed pigments and crop protection chemicals.
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