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Abu Dhabi Investment Authority’s (ADIA) India investment rally continues with the wealth fund buying a stake in security firm SIS Ltd.
ADIA purchased 2,195,631 shares at 415 Indian rupees ($5) apiece, amounting to 1.52% stake in SIS.
The other buyer for a stake in SIS was India’s 360 One Mutal Fund A/C – 360 One Focused Equity Fund, which snapped up 2,984,055 shares at INR415 apiece.
The open market deals came in lieu of two associate firms of the US-based Capital Group, which sold stakes worth INR2.58 billion in the firm, which also provides facility management and cash logistics solutions. Smallcap World Fund sold 5,181,419 shares at INR 415 per share, while American Funds Insurance Series Global Small Capitalization Fund offloaded 1,044,696 at the same price.
There has been reports that ADIA has been steadily investing in the Indian market in recent weeks. Indian news portal Moneycontrol stated that the UAE sovereign fund was part of a Blackstone Inc consortium bidding for a 400 billion Indian rupees ($4.8 billion) majority stake in food brand Haldiram’s.
(Reporting by Bindu Rai, editing by Seban Scaria)