Chennai, July 3 (IANS) Promoters of the city-based Murugappa Group have increased their stake in their flagship company, the Rs.17.62-billion Tube Investments of India Ltd (TI), to a controlling 51.64 percent. The recently de-listed group outfit Parry Agro Industries also acquired TI shares in the open market to take its stake to 34.67 percent.

TI is termed as a group within the Murugappa Group with interest in cycles, electric bikes and workout equipment and engineering - cold rolled steel strips, precision tubes, metal products, automotive chains, car door frames and fine blanked products.

“The promoters have increased their stake as they found this to be an opportune time with the markets being down,” a senior group official told IANS.

TI is the second company in which the promoters hold more than 51 percent stake, the other company being Coromandel Fertilisers, where they hold 63.7 percent.

The promoters hold 45.91 percent in EID Parry, 43.06 percent in Carborundum Universal, and 37.47 percent in Cholamandalam DBS.