The Hindu Business Line : GV Films turns active

Kolkata May 8 G V Films of late has been seeing a surge in volumes on the BSE. According to institutional brokers, certain FIIs are understood to have become active in the counter.

The exchange bulk deal data showed that Lotus Global Investments (account GDR) sold 25 lakh shares in the last two days. The GDR of the company is listed on the Luxembourg Stock Exchange and the underlying shares represent 15.52 per cent of the paid-up capital of the company.

On the BSE, it recorded a traded quantity of around 44 lakh shares against over 58 lakh shares on Monday. On April 17, the stock witnessed a jump in traded volume to 84.29 lakh shares, up from previous session's figure of 26.51 lakh shares. Since then, the daily average volume remained much above 50 lakh shares a day. Highest volume was recorded on April 23 at 92 lakh shares.

Incidentally, on April 23, the board of GV Films Ltd approved a proposal to "join hands" with Shanghai Film Group Corporation and Growth Global Ltd, a UK-based private equity player. The board also approved the allotment of 64 lakh GDRs of $6.25 each amounting to $40 million representing 16 crore equity shares of Rs 10 each issued at the price of Rs 10.80 per share.

In the past one month, the stock has appreciated by over 41 per cent despite a decline in the last one week. Today it was down 3.5 per cent at Rs 6.66.

Two promoters' holding in the company is only 7.21 per cent, while FIIs hold around 12.19 per cent. Public holding including corporate bodies and individuals stand at 64.72 per cent.