First State Investments hikes stake in Cyient to 9.45%

Global fund house First State Investments has hiked its stake by 1.03 percent in IT firm Cyient, formerly known as Infotech Enterprises, by buying 11.60 lakh shares in the open market.

In a BSE filing, Cyient said Colonial First State Asset Management (Australia) Ltd, First State Investments International Ltd, First State Investments Management (UK) Ltd and First State Investments (Singapore) increased their stake in the company to 9.45 percent on April 20.

Based on the average weighted price of Cyient stock on April 20, the transaction value is estimated at Rs 58.38 crore.

First State Investments is part of the asset management division of the Commonwealth Bank of Australia.