First State Investment Management (UK) has acquired 1.55% stake in Tube Investments of India (TII) in an open market transaction. The asset management company has acquired 2,887,032 shares of TII on Bombay Stock Exchange (BSE). Pursuant to this acquisition, the asset management company’s holding in TII goes up to 5.144% constituting 9,598,113 shares from 3.596% earlier.
Registered in Scotland, First State Investment Management (UK) provides asset management services to firms. It is part of First State Investments, which comes under the asset management division of the Commonwealth Bank of Australia.
Tube Investments of India is a flagship company of the $2.4 billion Murugappa Group. It is engaged in manufacturing of precision steel tubes and strips, car doorframes, automotive and industrial chains and bicycles.
