First State Investments which is a global fund house, has raised its stake by 1.03 percent in IT firm Cyient which  formerly known as Infotech Enterprises, by buying 11.60 lakh shares in the open market.

Cyient has said in a BSE filing that Colonial First State Asset Management (Australia) Ltd, First State Investments International Ltd, First State Investments Management (UK) Ltd and First State Investments (Singapore) increased their stake in the company to 9.45 percent on April 20.

The transaction value has been estimated at Rs 58.38 crore based on the average weighted price of Cyient stock on April 20.

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