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Moumita Bakshi Chatterjee

New Delhi, Sept. 2 Foreign institutional investors (FIIs) have reduced their holding in real estate companies Unitech and Parsvnath Developers by over two percentage points and by 0.8 percentage point respectively, year-on-year.

While the FII holding in India’s largest real estate company DLF Ltd ended up marginally higher as on June 2008 against June 2007, it actually displays a dip when seen in the context of the FII holding in the company as on December 2007.

According to shareholding data available on BSE, the financial institutions and banks have increased their holding in Unitech Ltd by just over 1.5 percentage point, even as the stake of FIIs has come down .

In the case of Parsvnath, there were marginal changes in the institutional shareholding (mutual funds/UTI and financial institutions and banks) within the non-promoter category, even as the ‘individual’ holding rose by just less than a percentage point.

“The FII stake in Parsvnath had almost doubled between June 2007 and December 2007, but came down subsequently, in line with market trend,” a market observer said.

When contacted, Mr Shailesh Kanani, analyst with Angel Broking said that the drop in FII holding in these companies reflected the uncertainty in the market. “Across the board, in large and mid cap companies, the FII holding is down and the situation is gloomy.

Things may change once the macro economic situation improves,” Mr Kanani pointed out.

The stake of promoter and promoter group in the three companies remained virtually unchanged compared to the year-ago period.

When it comes to ‘public shareholding’ in Unitech, the stake held by various mutual funds and UTI stood at 0.51 per cent on June 30, 2008 — a tad higher than 0.25 per cent in the year-ago period. According to market sources, while FIIs have trimmed their holding in Unitech, the shares sold by them may have been picked up by private Indian insurance firms.

The non-institutions’ category saw there was a marginal change with the stake of bodies corporate in Unitech rising to 9.11 per cent from 8.44 per cent in June 2007, while that of ‘individuals’ fell to 8.5 per cent against 8.98 per cent in the same period last year.

For DLF, which got listed in mid-2007, the FII holding within (non-promoter shareholding) rose to 6.55 per cent from 5.92 per cent a year ago. The total ‘individual’ shareholding dipped by 0.88 per cent year-on-year.

More Stories on : Foreign Institutional Investors | Real Estate & Construction | Unitech Ltd

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