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Fine Estates increases stake in India's Crest Ventures

Fine Estates Pvt. Ltd. increased its stake in Crest Ventures Ltd. as part of a restructuring exercise.

Fine Estates acquired the 1,100,596 shares in Crest Ventures held by V J Finsecurities Pvt. Ltd. as part of a merger between the two companies. The shares, which equate to a 3.87% stake, bring Fine Estates' shareholding in Crest Ventures to 49.38% from 45.51%, or a total ownership of 14,048,054 shares.

The transaction is merely a consolidation of holding, and there is no change in the aggregate shareholding of Crest Ventures, according to a Sept. 19 stock exchange filing.

Crest Ventures is a nonbanking finance company that operates real estate, financial services and investment and credit businesses.