Fidelity Investments buys 2 pc stake in Lodha Developers for Rs 1,864 crore

US-based Fidelity Investments, through eight affiliates, purchased a 1.99 percent stake (about 1.98 crore shares) in Lodha Developers for Rs 1,864.56 crore in eight tranches at an average price of Rs 937.85 per share. The shares were sold by promoter group entities Hightown Constructions and Homecraft Developers, reducing promoter holding to 70.28 percent from 72.27 percent. Lodha Developers shares rose 1.28 percent to close at Rs 949.90 on the day of the transaction.