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Laxey Partners Exits Its Investment in Hirco

Posted on July 03, 2009

It s a second victory for the Hiranandanis, the promoters of the AIM listed real estate company, Hirco Plc. as the company s activist shareholder - Laxey Partners has exited its investment in the company by selling its entire stake to HSBC. Laxey has sold its entire 11.63% stake or 8,896,513 Shares in the company at a price of 95 pence per share for a total consideration of 8.72 million pounds (Rs 68 crore). Post the transaction, HSBC s stake in the company has gone up to 21% from its initial holding of 9.9%. According to a report in Business Standard, Laxey Partners was not comfortabl...

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