March 2012
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Norway Sovereign-Wealth Fund Cuts Stake in India Infra Firms

Norwegian sovereign-wealth fund Norges Bank Investment Management has cut its stake in three Indian infrastructure companies including IVRCL Ltd. and Lanco Infratech Ltd. in the past two weeks, stock exchange filings showed Tuesday.
Norges Bank Investment has reduced its holding in IVRCL to 6.39% from 7.61% by selling shares on the open market and in Lanco Infratech to 4.93% from 5.97%, the fillings showed. It has also marginally cut its stake in NCC Ltd. to 5.51% from 5.57%.
IVRCL and NCC are among some India-listed infrastructure companies with strong foreign institutional holdings.
As of Dec. 31, foreign investors held a 37.11% stake in IVRCL and 42.71% in NCC, stock exchange data showed. In Lanco Infratech, such investors had holdings of 11.96%.
Shares of IVRCL have gained about 45% and NCC about 35% in the past three months, while those of Lanco Infratech have jumped about 58%. The benchmark Sensitive Index has increased 12% during the period.

Source: WSJ

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