Financial Daily from THE HINDU group of publications
Thursday, Sep 19, 2002
Agri-Biz & Commodities
Dairy & Dairy Products
Corporate - Mergers & Acquisitions
Promoters hike stake in Heritage Foods
Ch. Prashanth Reddy
HYDERABAD, Sept. 18
THE promoter and Executive Director of Heritage Foods India Ltd (HFIL), Ms N. Bhuvaneshwari, with her son, Mr. N Lokesh, has acquired 4,58,000 equity shares of the company on August 29, 2002 from Ms Megabid Finance and Investment Pvt. Ltd. as inter-se transfer between promoters.
HFIL is engaged in the production and sale of milk and milk products.
Ms Bhuvaneswari has acquired 39,500 shares and her holding after acquisition is 16,05,400 shares amounting to 16.0 7 per cent. Mr Lokesh has acquired 4,18,500 shares and his holding after acquisition is 11,33,200 shares amounting to11.34 per cent.
Ms Bhuvaneswari is the wife and Mr Lokesh is the son of the Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu.
Last year, the company has bought back 8.1 lakh equity shares of Rs 10 each at an average price of Rs 27.62 per share. It had extinguished 16,149 shares before March 31 and the balance 7.93 lakh shares by May 31, this year.
Consequently, the number of equity shares of the company have reduced from 1.08 crore to 99.9 lakhs. Accordingly, the paid-up equity capital had declined from Rs 10.8 crore to Rs 9.99 crore.
The shareholding pattern of the company as on March 31 is as follows: promoters 34.84 per cent, Indian public 60.03 per cent, NRIs/OCBs 2.16 per cent, private corporate bodies 2.3 per cent, mutual funds and UTI 0.16 per cent, banks, FIs and insurance companies 0.04 per cent HFIL-buy back account 0.47 per cent.
Last fiscal, Heritage had voluntarily de-listed its shares from the Madras Stock Exchange. Ms Bhuvaneswari had given an exit opportunity to the shareholders residing in the region of MSE and purchased 15,600 shares out of the 16,000 shares offered by the shareholders. The remaining 400 shares have been rejected due to signature mismatch.
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