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Corporate
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Mergers & Acquisitions
Pyramid Saimira's MD hikes stake
Chennai, April 16
In an off-market deal, Mr P.S. Saminathan, Managing
Director, Pyramid Saimira, has bought out the entire
holding of the company's Chairman, Mr V. Natarajan. "I
thought it is a good time to buy our shares," Mr
Saminathan told Business Line on Tuesday, adding that he
paid Rs 450 for each of the 8.9 lakh shares he purchased
from Mr Natarajan. With this, Mr Saminathan's stake in
the company rises to 17.29 per cent. Mr Natarajan has
relinquished his position as the Chairman upon reaching
the superannuation age of 65, Mr Saminathan said. He
said that Mr Natarajan would continue as Chairman
Emeritus. Mr Saminathan is currently in Malaysia, where
he is "looking at a couple of possible takeover deals." -
Our Bureau
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