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Chennai , June 10

THE Kalpathi family, which promoted SSI Ltd, has realised around Rs 70 crore by divesting its 12.5-per cent stake in Scandent Solutions Corporation Limited (SSCL) in phases, according to a source in SSI.

The family, along with Mr D.V. Narasingarao, a non-executive director of SSI, on Friday sold nine lakh shares in SSCL to an undisclosed foreign institutional investor at reportedly around Rs 220 a share.

With this deal, which was facilitated by IL&FS, the family's stake in SSCL has come down to around 0.5 per cent, said the source.

On Thursday, the family sold 12 lakh shares of SSCL to an unidentified FII. Following this, the holding of the Kalpathis in SSCL reduced to 3.65 per cent.

The Kalpathis had a 13-per cent stake when the technology business of SSI was demerged and merged into SSCL, which was promoted by Mr Ramesh Vangal. SSI was also allotted a 3.66-per cent in SSCL.

The Kalpathis in April 2005 sold 15 lakh shares at Rs 180 a share, the source said.

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