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Sindhu J. Bhattacharya

New Delhi , Oct. 15

AFTER completion of a complex restructuring, the Indian promoters in Gillette India Ltd (GIL), the Poddar group, appear to have hiked their stake by 3.17 percentage points during the third quarter ended September even as the US-based parent company has reduced its exposure in the Indian arm.

Till the quarter ended June 30, Gillette Company US held 45.65 per cent stake in GIL, but as part of an internal restructuring it has brought down its holding in GIL to 41.02 per cent as on September 30.

The 4.63- percentage points stake has been transferred in favour of another group company called Gillette Group India.

Meanwhile, the Poddar group appears to have increased its stake in the company during the quarter under review.

When contacted, a GIL spokesperson confirmed that the US parent has pared its stake in the Indian arm as part of internal restructuring.

Asked whether the Indian promoters have increased their stake in the meanwhile, he told Business Line: "In July this year, overseas corporate body (OCB) investment in GIL was reclassified.

It was found that Planon Group Ltd, which was listed as an OCB, was in fact a promoter group company because it was being controlled by the Poddar group."

So, by virtue of this OCB reclassification, the stake of the Indian promoters appears to have gone up by 3.17 percentage points.

The spokesperson also said that the FIPB had already granted permission for the downstream investment involved in stake transfer between the various Gillette group companies and that the restructuring process was completed recently.

As per data available on the NSE Web site, Gillette Group India holds 20.34 per cent stake in GIL, followed by Gillette Diversified Operations with 6.07 per cent, Gillette Products with 6.10 per cent, Mining Consultants India with 1.95 per cent and Poddar Heritage Investments with 7.64 per cent.

While Gillette Company USA now holds 41.02 per cent in GIL, Planon Group has been identified as `persons acting in concert' with 3.17 per cent stake.

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