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RPT-Investor Bhavnani cuts stake in Spain's Popular

Mon Aug 10, 2009 8:23am EDT

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MADRID, Aug 10 (Reuters) - Indian investor Ram Bhavnani said on Monday he had cut his stake in Banco Popular (POP.MC) to 2.8 percent from 4.8 percent to reduce gearing. "This is to reduce debt, so as not owe anything to anyone, to cut gearing," Bhavnani told Reuters in a telephone interview.

The investor may raise his stake at a later date, he said.

"Little by little, but with my own money from dividends and other income," he said. (Reporting by Tomas Gonzalez; Writing by Paul Day)

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