Merrill Lynch Consolidates Stake In Ansal Properties

Foreign fund house Merrill Lynch Capital Markets has consolidated its stake in real estate major Ansal Properties and infrastructure to nearly 6%.

Merrill Lynch Capital Markets Espana SA SV has acquired as much as 11.63 lakh equity shares representing 1.03% stake in Ansal Properties through secondary market purchase route. Prior to this transaction the foreign fund house had 4.94% stake, which got increased to 5.96% after the acquisition of the 1.03% stake in the company.

Calculated on the basis on the closing share price of Ansal Properties, the deal value amounts to about twelve crore rupees. The company had said that it would invest thirty-six hundred crore rupees for developing two hundred seventy acres IT SEZ and parks in the country. The proposed SEZ would consist of an IT zone, commercial zone, residential zone and a recreational area. Shares of the company closed at Rs 101.60, down 4.38% on the BSE.