The Children’s Fund, the activist hedge fund which was founded by Christopher Hohn, also known as TCI, is reported to have sold $2.2 billion worth of stocks, which is almost one-third of the purchases (TCI invested $6.7 Billion last year) the fund made in 2008 in Indian Markets.
An estimated sale of $20.8 billion have been done by FII in India in 2009 alone and TCI account for about 10% ($2.2 billion) of the total estimated Outflows.
In September, TCI, which owns more than 2% in Sterlite, put up a strong opposition to a restructuring plan, on the grounds that the plan would affect minority shareholders. TCI’s move forced the Sterlite management to defer its restructuring programme.
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