Mauritius Fund Buys Davangere Sugar Shares

New Delhi, May 15 (PTI) Mauritius-based institutional fund Craft Emerging Market Fund has bought five crore shares of Davangere Sugar Company for over Rs 18 crore through a bulk deal.

Craft Emerging Market Fund through its two affiliates -- Craft Emerging Market Fund PCC - Citadel Capital Fund and Craft Emerging Market Fund PCC - Elite Capital Fund purchased 2.5 crore shares of Davangere Sugar each, as per the bulk deal data on the NSE.

The transactions were picked up at Rs 3.65 apiece per share, aggregating to Rs 18.25 crore, as per the data.


Following the stake buy, shares of Davangere Sugar Company settled nearly 2 per cent higher on the NSE.

"The participation by Craft Emerging Market Fund reflects confidence in the company's long-term growth vision and its positioning within India's evolving ethanol sector," Davangere Sugar Company said in a statement.

Karnataka-based Davangere Sugar is an integrated sugar and ethanol company engaged in sugar manufacturing, ethanol production and power co-generation. It operates with an ethanol production capacity of 150 KLPD.