The Hindu Business Line : Darbhanga Marketing cuts stake in Upper Ganges

The transactions have come at a time when Upper Ganges has concluded a rights issue of 45.5 lakh equity shares of Rs 10 each at a premium of Rs 140 a share, amounting to Rs 68 crore.

Kolkata , Aug. 17

Large chunks of shares of Upper Ganges Sugar & Industries have been changing hands, courtesy Darbhanga Marketing Co, an outfit that already holds a substantial part of its equity.

Upper Ganges, which is part of the K.K. Birla group, has lately seen transactions by Darbhanga Marketing on the stock exchange, data released by the NSE has revealed.

Darbhanga Marketing, which held 7.39 per cent or over 5 lakh shares at the end of the last quarter, has sold 50,000 shares in one case in the open market, the date of transaction (or date of receipt of intimation of allotment of shares, whichever is applicable) being August 3.

This brought down its holding to 6.68 per cent.

According to NSE, the company's holding was subsequently reduced to 6.46 per cent, 6.39 per cent, 6.02 per cent and 4.8 per cent, due to other transactions.

The transactions have come at a time when Upper Ganges has concluded a rights issue of 45.5 lakh equity shares of Rs 10 each at a premium of Rs 140 a share, amounting to Rs 68 crore.

On Thursday, the company informed the NSE that its board has recommended a dividend of Rs 5 per equity share for the year ended June 30.

The Rs 10-face valued Upper Ganges stock closed at Rs 157.85, a marginal gain of 1.06 per cent over the previous close. About 48,000 shares were traded on the NSE.