Sterling Projects raises stake in Arihant FoundationsMarch 12th, 2009 - 10:08 pm ICT by IANS
Chennai, March 12 (IANS) City-based Sterling Projects and Engineering Ltd and one of its promoters, S. Jayalakshmi, have increased their combined stake in the Rs.2.13-billion real estate company Arihant Foundations and Housing to 7.37 percent.
According to a stock exchange filing by Arihant, the two investors - Sterling Projects and Jayalakshmi - have been buying shares in the open market since March 4.
On that day they acquired 1.37 percent stake and continued the share purchase March 5 (0.25 percent stake), March 6 (0.47 percent) and March 9 (0.31 percent).
Prior to these purchases, Sterling Projects and Jayalakshmi respectively held 3.09 percent and 1.87 percent in the Rs.70.5 million equity of Arihant Foundations.
Sterling Projects is an engineering major focussed on the telecom sector. It has built more than 6,000 cell sites across the country.