Caja Madrid – Major Shareholder in Indra with 20% Stake
Written by Allan on November 21st, 2008Caja Madrid has decided to ramp up its presence in Indra. Over the last few weeks, the Madrid bank has been buying up small packages in the company and now owns 5% more than before. In its newest purchases, it has invested approximately 122 m€. The bank now owns 20 %of the technology company and is the major shareholder.
Despite the political mess in the Boardroom at Caja Madrid, involving those in favour of the renewal of the bank’s governing bodies -approved last week in the general meeting- and those who prefer to delay the renewal, the bank is trying to carry on with its normal day to day business
The Madrid bank has taken advantage of the fall in the Stock Market in the last few weeks to increase its stake in Indra. It has been buying small packages in the technology company which amount to an investment of 122m€ and have increased their stake in the company by 4.7 % with an average share value of 16.3€.
The financial institution is, once again, the major shareholder in Indra with 19.70% of its capital. Next comes Unión Fenosa, which controls just over 15%, followed by Casa Grande de Cartagena, the company in the Del Pino family holding company with 5.68% and Cajastur with 5%. Caja Madrid ´s new investments have been driven by the attractive share price of the company which is presided by Javier Monzón.
Caja Madrid has owned approximately the same proportion of Indra since May 2005, when its share increased from 10.04% to 14.99%. The Madrid bank first bought into the technology company in 1999 and since then profits stand at 20%. Yesterday, Indra´s shares closed at 16.13€, a slide of 3.18%. However, reports from analysts from the bank rate its value between 21€ and 25€ per share. The price of the share has fallen by 13.19% since the beginning of the year.