The Hindu Business Line : Surana Telecom promoters reduce holdings to 54.2%

SURANA Telecom promoters have reduced their holdings to 54.20 per cent from 70.78 per cent as on September 30, 2004. Mr Narendra Surana, Managing Director of the company and one of the promoters, confirmed to Business Line that promoters, including Bhagyanagar Metals Ltd, indeed have sold shares in the open market recently.

Mr Surana, however, said that the offloading in the market by the promoters is now complete and their combined holding would be pegged at the current level. Because of the market operation, Mr Surana's personal holding has come down to 14.75 per cent from 18.87 per cent stake he held in September-end 2004.

Bhagyanagar Metal, second biggest shareholders among the promoters, has reduced its stake by 5.44 percentage points to 10.46 per cent in Surana Telecom.

A total of around 61.26 lakh shares have been sold by the promoters between December 23 and December 31, 2004.

Taib Bank, on the other hand, has picked up around 4.5 lakh shares from the market during this period. This roughly represents 4 per cent of the paid-up equity of the company. Another FII has picked up around 50,000 shares.

The exercise has increased the FII holding to around 4.5 per cent from less than one per cent in December 2004.

According to merchant banking sources, the company, meanwhile, is exploring the possibility of some placement of shares to fund expansion its product basket. According to sources, this could be done without increasing the authorised capital limit.

The paid-up capital of the company currently is Rs 11.30 crore, while the authorised capital is Rs 15 crore. The board of directors of the company is likely to take a view on the issue in its meeting on January 19.

An EGM is already scheduled for February 5 to have shareholders' approval for a stock split - from Rs 10 to Rs 5 each. The stock on Tuesday closed at Rs 66.95 on the NSE after touching a day's high at Rs 69.65. On the BSE, it closed at Rs 67.05, down 0.8 per cent, with 1.01 lakh shares being traded.

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