HSBC acquires stake in Sintex Industries
Sintex Industries announced that the HSBC Global Investment Funds bought 3.608 million shares of the company, representing 3.04% of the company`s share capital. HSBC bought these shares from the open market on Sep. 28, 2007.
In September 2007, Sintex Industries said that Bright Autoplastic, a downstream subsidiary of Sintex Holdings Netherland (`Sintex Offshore Holdings`) is planing to acquire the automotive products business division of Bright Brothers based in Chennai, Sohna, Pune, Pithampur and Nasik. Sintex Offshore Holdings is a wholly owned subsidiary of the company.
Shares of the company declined Rs 7.75, or 2.11%, to settle at Rs 359.2. The total volume of shares traded was 132,125 at the BSE.(Thursday)
