Business Daily from THE HINDU group of publications
Thursday, Jan 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 10, 2008 ePaper | Mobile/PDA Version |
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Markets
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Foreign Institutional Investors Our Bureau Kolkata, Jan. 9 Sesa Goa has informed stock exchanges that the shareholders, through a postal ballot, have approved the resolution to enhance the foreign institutional investors’ investment limit in the company from 24 per cent to 45 per cent of the paid-up equity share capital. The total FII holding in the company was placed at 21.08 per cent as on September 30, 2007. However, top among the FIIs — Genesis Asset Manager LLP — reduced its holding by offloading in the market in November. As a result, its holding has come down to 2.08 per cent, according to company’s disclosures to the exchanges. Going by Sesa Goa’s communications, the current FII should be 17.59 per cent. Overseas non-promoter holdings have remained dispersed, most of them being less than 1 per cent, and do not get individually reflected in the official shareholding data. Promoter holdingAfter an open offer for 20 per cent shares, which closed in September last year, the promoter holding did not change significantly and moved up only by 0.18 per cent as the response to the offer at a price of Rs 2,036.30 was miniscule. Vedanta Resources plc had acquired, through its subsidiaries, 51 per cent controlling stake in Sesa Goa Ltd from Mitsui & Company Ltd, in April 2007. The stock on Wednesday reacted negatively on the bourses and finished down 4 per cent at Rs 3,565 on the BSE and Rs 3,577 on the NSE. More Stories on : Foreign Institutional Investors | Minerals | Stocks
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