The Hindu Business Line : Shiv-Vani Oil promoters dilute over 5 pc stake

PROMOTERS of Shiv-Vani Oil & Gas Exploration Services have sold more than 5 per cent of their stake in the open market. Reliance Mutual Fund purchased most of the shares.

Filing with the BSE shows that promoters of Shiv-Vani sold 12 lakh shares (5.7 per cent) in the open market and Reliance Capital Mutual Fund picked 11.75 lakh shares (5.11 per cent) of the company's equity. Jet Age Courier and Anil Ads and Exports (promoter companies) sold 6 lakh shares each at Rs 117 on Thursday.

After the sale of these shares, the promoters holding in the company will come down to 66.28 per cent, from 71.98 per cent.

The stock price of the company is also on rise with gain of more than 25 per cent in the last one week. In today's trading also the company's scrip was locked in 5 per cent upper circuit at Rs 131.50 on the BSE with volume of 16,779 shares.

At close, there were more than 2.25 lakh buyers whose trades could not be executed, as there were no sellers.

Brokers and analysts tracking the company said the interest of institutional investors shows that there is huge growth prospects for oil exploration business. Various oil blocks that is coming for exploration provides growth prospects for the company.

"Shiv-Vani is one of the largest on-shore rigs operator and the demand for rigs will grow in future," said Mr V.K. Sharma, Head of Research, Anagram Stock Broking.

He said the company does sub-contracting of oil-rigs for ONGC and OIL and with both these companies going abroad for oil exploration further orders from them are possible.

Mr Sharma said this sector (sub-contracting of oil exploration) is highly under-owned by the market and as the time goes on further interest of market players will come in.

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