The Hindu Business Line : Funds pick up 11.5% stake in Greenply Ind

LEADING FIIs - Morgan Stanley and Bear Stearns Asset Management - along with domestic fund house Sundaram Mutual Fund have picked up more than 11 per cent stake in Greenply Industries, plywood and decorative laminates company.

Most of these shares were picked up from the promoters through the stock exchange.

Morgan Stanley picked up 4 lakh equity shares, representing 2.98 per cent of the company's equity. Bear Stearns Asset Management acquired 4.71 lakh shares (3.5 per cent equity stake). Another FII BSMA has bought 4.71 lakh shares (3.5 per cent).

Among the Indian mutual funds, Sundaram Mutual Fund has acquired 2 lakh equity shares (1.49 per cent equity), a company release said.

The stock price of the company closed at Rs 77.25 (Rs 5 face-value), up 2.73 per cent on the BSE today.

Greenply Industries has posted a 95 per cent increase in its net profit at Rs. 2.52 crore for the quarter ended June 2005 compared with Rs 1.29 crore during the corresponding quarter in the previous year.

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