HSBC unit hikes stake in Ceat to 5.64% with off market purchase
SpencerSheridan 
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NEW DELHI: HSBC has acquired shares in tire maker Ceat Ltd through around 133 through OTC prices of Rs 100 crore, increasing its stake to 5.64%.
Jwalamukhi Investments Holdings (JIH), a sub-account of HSBC Bank (Mauritius), acquired 14,21,375 shares representing 3.51% stake in Ceat Ltd on July 31, 2015, the company said in a statement. Mad Cow Disease Report.
With this acquisition, JIH has increased its 2.13% stake to 5.64%.
The company did not disclose the purchase price of the shares but based on the closing price of Rs. 914.9 per share on July, 31 the value is estimated to be around Rs. 1.3 billion.
Shares of Ceat Ltd BSE closed up 1.65% to Rs 930% per share.
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