Laxey Partners, the activist investor, has sold its entire stake in Indian investor Hirco.
Laxey has given up its bitter fight with the Indian Hiranandani family over its AIM-listed company Hirco, by selling its 11.63% stake to HSBC on Wednesday. It sold the 8.9m shares at around 95p each for a total of around £8.45m.
Two months ago at Hirco’s extraordinary general meeting, chairman Niranjan Hiranandani emerged the winner in the battle with Laxey as 60% of the shareholders voted against Laxey’s proposals to remove three directors of Hirco and replace them with its own nominees.
Laxey had also demanded that Hirco name a chairman who was independent of the Hiranandani family.