Morgan Advanced Materials exits Foseco India in US$92.1M stake sale

What's the deal? UK-based Morgan Advanced MaterialsDealroom has a profile for this one. Try Dealroom → on August 27 sold its entire 15.26% stake in Pune-based Foseco IndiaDealroom has a profile for this one. Try Dealroom → for US$92.2M through open market transactions. It offloaded 1,150,800 shares at an average price of US$80.1 apiece.

Who's involved? Morgan sold the shares via two affiliates, Morganite Crucible LtdDealroom has a profile for this one. Try Dealroom → and Morgan Terrassen BVDealroom has a profile for this one. Try Dealroom →, according to block deal data on the National Stock Exchange (NSE)Dealroom has a profile for this one. Try Dealroom →. FosecoDealroom has a profile for this one. Try Dealroom → India operates in the foundry sector.

Who bought in? A mix of domestic and foreign institutional investors picked up the shares at the same price. Buyers included mutual funds managed by LICDealroom has a profile for this one. Try Dealroom →, Motilal OswalDealroom has a profile for this one. Try Dealroom →, Invesco, SBIDealroom has a profile for this one. Try Dealroom →, Mahindra ManulifeDealroom has a profile for this one. Try Dealroom →, and Mirae AssetDealroom has a profile for this one. Try Dealroom →.

Catamaran VenturesDealroom has a profile for this one. Try Dealroom →, the family office of InfosysDealroom has a profile for this one. Try Dealroom → co-founder Narayana Murthy, also participated. Foreign investors Morgan Stanley and Citigroup Global MarketsDealroom has a profile for this one. Try Dealroom → acquired shares too.

Market reaction? Foseco India shares rose marginally to close at US$82.8 apiece on the NSE.

The signal: A foreign parent's full exit met with strong domestic demand shows local institutions and marquee family offices are ready to absorb large blocks of India's industrial mid-caps.

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