Amber Capital Reduces Stake in Indra to Below 5% but Retains Board Seat

✦ Meridian Analysis

Amber Capital has trimmed its holding in Indra to under 5 % after a gradual sell‑down that began with a 7.24 % stake in June 2022, fell to 5.4 % in February, and now sits just below the regulatory threshold. The reduction is described by sources close to the fund as a “purely financial and portfolio‑size” decision, reflecting the sharp appreciation of Indra’s share price from roughly €10 at entry to more than €64 today. The transaction is a secondary‑market stake sale; no price or financing terms were disclosed. Amber will retain its board seat, currently occupied by Magdalena Bertram, after Indra’s management asked her to stay on. The company’s ownership structure now shows the State‑owned SEPI as the principal shareholder with 28 %, followed by Sapa (7.94 %) and T. Rowe Price (4.99 %). Indra was the best‑performing Ibex 35 constituent last year, posting a 184 % total‑return. The Ministry of Defence halted a €2 billion consortium project led by Indra, and Indra and Digital SEPI raised €19.6 million for its quantum‑computing venture Qilimanjaro. Going forward, market participants will watch Indra’s Capital Markets Day on 25 November, where the new strategic plan will be unveiled and the revised board of ten directors will outline the next growth phase. Details of the stake‑sale price remain undisclosed.

The Meridian Weekly