Laxey Partners Exits Its Investment in Hirco

It’s a second victory for the Hiranandanis, the promoters of the AIM listed real estate company, Hirco Plc. as the company’s activist shareholder – Laxey Partners has exited its investment in the company by selling its entire stake to HSBC. 
Laxey has sold its entire 11.63% stake or 8,896,513 Shares in the company at a price of 95 pence per share for a total consideration of 8.72 million pounds (Rs 68 crore). Post the transaction, HSBC’s stake in the company has gone up to 21% from its initial holding of 9.9%. 
According to a report in Business Standard, Laxey Partners was not comfortable with the company’s idea of merging Hirco Plc with their developer. Laxey has exited its investment in Hirco as it had got sufficient returns on its investment. 
In May this year, in the company’s extraordinary general body meeting, Hirco Chairman Niranjan Hiranandani tasted his first ... [Follow Original Article link for full content.]