Financial Daily from THE HINDU group of publications
Wednesday, Nov 30, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 30, 2005 |
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Markets
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Stocks Corporate - Mergers & Acquisitions Burmans pick up 11 pc stake in Punjab Tractors Neha Kaushik
New Delhi , Nov. 29 THE Delhi-based Burman family, which owns the Dabur Group of companies, has picked up about 11 per cent stake in Punjab Tractors. Sources close to the company term the decision to pick up stake in the tractor firm as purely an investment-led one. The cash-rich group has over the past few months made significant investments in several companies, primarily those involved in the financial services domain. One of its largest investments till date has been the joint venture with Aviva Life Insurance. According to sources, the purchase has happened through the open market. The Punjab Tractors stock has been buzzing since the beginning of the month with speculation about the purchase. The stock has steadily risen from Rs 189 on November 1 to close at Rs 220 on Tuesday on the Bombay Stock Exchange. The stock closed at Rs 209.15 on Monday. The purchase also makes the Burman family one of the largest shareholders in Punjab Tractors. According to information available on the BSE, private equity firm Actis currently is the largest shareholder with a stake of about 23.5 per cent, followed by LIC with 15.6 per cent and GIC with 11.26 per cent. Sources said that it was unlikely that the Burman family would increase its stake to 15 per cent or take it above 11 per cent for the time being. The Burman family had commenced picking up stake in PTL in August 2005, sources added.
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