It is reported that Japan’s Toyota Group on Monday has bought a token 1.5% stake valued at INR 19 crore in Tube Investments of India the flagship company of Murugappa Group.

In an open market transaction sealed on BSE, Nagoya, Japan, based Toyota Tsusho Corp acquired 2.7 million shares at INR 70.77 apiece. This values TII at over INR 1,300 crore.

Elara Capital PLC sold around 2.6 million shares in the market at INR 70.8 a share.

Mr L Ramkumar MD of Tube Investments said that “We believe it was taken in the market as a portfolio investment. We are trying to confirm it. Our assumption is that both of us are in the auto segment, so they must have taken it. We are supplying to Toyota’s vendors in India and to their dealers overseas.”

(Sourced from Business Line)