The Hindu Business Line : Goldman Sachs exited GTB in April-June quarter

This foreign institutional investor sold a substantial part of the 4.9 per cent holding or 54 lakh shares in the Bank in the period between April-June quarter.

Goldman Sachs bought into Global Trust Bank only in the quarter-ended December 2003, when another institutional investor, IFC of Washington, exited from the Bank. It held about 51 lakh shares then. It added to its stake in the quarter-ended March raising it to 54 lakh shares, which has been off-loaded in the quarter-ended June.

Two other large investors in the Bank had also shed their stake in the quarter-ended June.

European Investment, an overseas corporate body that held 45 lakh shares, and Claridges Investment, a private corporate body that held 18 lakh shares, sold off their holdings. These two have been holding large stakes in the Bank from as early as September 2001. They stayed on as shareholders through the period since then before selling their stake in the quarter-ended June 2004.

The stake of Indian public - an amorphous entity that may comprise brokers, traders and ordinary retail investors - on the other hand has increased in the Bank. Their stake rose from 40.2 per cent at the end of December 2003 to 44.9 per cent at the end of March 2004 to 51.3 per cent at the end of June 2004.

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