The Hindu Business Line : Kumar Mangalam, B.K Birla raise stake in Pilani Invest to above 50%

An agreement to this effect was signed here on Thursday. Mr G.P. Birla held around 22 per cent and Mr S.K. Birla around 7 per cent in Pilani Investments.

The equity of the Pilani Investments is Rs 8 crore. There is a public holding to the tune of around 14/15 per cent. The M.P. Birla Group holds around 23 per cent. Mr K.K. Birla, who had earlier sold his personal holdings in Pilani to Mr B.K. Birla, is believed to be still holding around 4 to 5 per cent through his various companies.

The promoters' holdings in Pilani thus will be over 50 per cent. The M.P. Birla Group's holdings, which Mr R.S. Lodha claims to control, is no longer considered by the Birlas to be part of the promoters' group.

While Birla Building sources here are tight lipped about the price at which the deals have been finalised, there are indications that Mr G.P. Birla might get around Rs 350 crore and Mr S.K. Birla less than Rs 100 crore.

The sources, however, indicate that the deals have been finalised in a very "dignified and pleasant manner". The rationalisation of family holdings in Pilani is something that the various Birla Groups have been aiming at achieving over the past several years. "It has now been achieved in the best possible manner," the sources observed.

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