GAGIL FDI cuts stake in Infotech Ent, Lavender ups holding

Moneycontrol Bureau

Cyprus-based GAGIL FDI on Friday has reduced its stake in IT services firm Infotech Enterprises to 7.74 percent from 10.47 percent earlier.
The firm sold 30,48,933 shares worth Rs 73 crore (or 2.73 percent of total paid up equity capital) at Rs 240 apiece on the National Stock Exchange via block deal.
GAGIL FDI had bought 10.47 percent stake from GA Global Investment for more than Rs 201 crore in August 2012.
However, on Friday itself, New Zealand-based Lavender Investments raised its stake in the company by 1.2 percent to 5.69 percent by buying 13.6 lakh shares at Rs 240 apiece. It had purchased 49.9 lakh shares (or 4.47 percent stake) of Infotech Enterprises at Rs 165 apiece on May 2013.
T Rowe Price International Discovery Fund was another buyer in shares of Infotech. It purchased 26 lakh shares at same price through block deal.
Meanwhile, the company on Thursday reported a 33 percent sequential growth in net profit of Rs 72.5 crore on revenues of Rs 549.3 crore (up 14 percent quarter-on-quarter) for the quarter ended September 2013. Operating profit margin expanded by 323 basis points Q-o-Q to 19.8 percent, driven by foreign exchange benefit and operational efficiencies.
Infotech Enterprises' stock fell 3.07 percent on profit booking, to close at Rs 233.55 on Friday after hitting a record high of Rs 245.95 in intraday trade.