Star fund manager Mohnish Pabrai has increased his holding in Rain Industries during the September quarter, the latest shareholding data suggests.
The founder of Pabrai Investment Funds, through his funds, bought more than 14.55 lakh equity shares of the pet coke company in the July to September period.
According to the latest shareholding data, his stake in the company has increased to 2,96,80,000 equity shares or 8.82 per cent from 2,82,24,219 or 8.39 per cent by the end of second quarter of the current fiscal year.
His other fund, Pabrai Investment Fund III, added 13,50,404 equity shares during the period and increased its stake to 87,40,000 shares or 2.6 per cent as of September 30.
Yet another fund from his arsenal, Pabrai Investment Fund IV, picked up 1,05,377 equity shares during the given period to increase his stake to 63,00,000 shares or 1.87 per cent stake in the company.
However, Pabrai Investment Fund II kept its stake unchanged in Rain Industries. It continued to own 1,46,40,000 equity shares or 4.35 per cent as of the September quarter.
Rain Industries is one of the world’s leading producers of calcined petroleum coke, coal tar pitch and other high-quality basic and specialty chemicals through capacity expansions, and mergers and acquisitions across the world.
However, shares of the company have remained an underperformer in the ongoing calendar. The stock has plunged 30 per cent on a year-to-date-basis so far in 2022.
Recently, Rain Industries’ wholly-owned subsidiary – Rain Carbon – announced temporary closure of its European unit. The company mulls other energy-related plans for other European production units.
Mohnish Parbai is the managing partner of Pabrai Investment Funds, a family of hedge funds inspired by Buffett Partnerships, which he founded in 1999.
According to Trendlyne, Mohnish Pabrai, through his funds, publicly holds only three stocks with a net worth of over Rs. 1,264.5 crore as per the latest corporate shareholdings filed. His other holdings are yet to submit the latest shareholding.
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