The Hindu Business Line : My Home Group picks up 10% in Pennar Industries

Promoted by the My Home Group, which is into cement, construction, realty and power, the transaction involved purchase of about 1.3 crore shares by JR Realtor Service at Rs 32.30 a share in a block deal.

Interestingly, the My Home Group had divested 50-per cent stake to CRH, Ireland for $456 million in March 2008.

Foreign equity funds — Spinnaker Capital, UK and Deutsche Securities, which hold significant stake in Pennar Industries, have offloaded their shares.

In a communiqué to the Bombay Stock Exchange, Pennar Industries said that the company has received communication from M/s JR Realtor Services Pvt Ltd (Hyderabad) about their purchasing 1.3 crore shares in the company, which works out to 10.28 per cent of the share capital of the company.

Stake holdings

The Managing Director of Pennar Industries, Mr Nrupender Rao, who is also the core promoter told Business Line that in the last two days, a total of 1.8 crore shares of the company were sold. Spinnaker Capital, which holds 20 per cent equity in the company, seems to have made the major sale.

In Pennar Industries, while the core promoters hold 35 per cent, 27 per cent is held by funds (such as Spinnaker and Eight Capital of US), 6 per cent by foreign institutional investors, 3 per cent by financial institutions (such as LIC) and about 30 per cent by public shareholders.

With the developments in the past two days, the shareholding of the funds will change with the entry of JR Realtors, which has substantially reduced the company’s debt; it logged Rs 640 crore during fiscal 2007-08, and is set to reach Rs 860 crore by the end of the current fiscal, said Mr Rao.

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