Kamal Nayan Saraogi, Chairman Emeritus of Balrampur Chini Mills, has gifted his personal holding of about 8 per cent in the company worth nearly Rs 100 crore to his son, Vivek Saraogi.
Saraogi senior, who started the company in 1975, held 1,95,97,219 shares (worth 8.02 per cent stake) while Vivek Saraogi, who is the company’s Managing Director, held 1,84,85,101 shares worth 7.57 per cent stake in the firm before this transaction.
In a filing to the BSE, the Kolkata-based firm informed that Kamal Nayan Saraogi has transferred his personal shareholding in the company to Vivek Saraogi.
Vivek Saraogi’s stake in the company has now increased to 15.59 per cent from 7.57 per cent post “inter-se transfer of shares among promoters by way of gift from father”.
Promoters’ total stake in the company stood at 40.93 per cent as on December 31, 2012.
Balrampur Chini, the country’s second largest sugar firm, has sugar plants in Uttar Pradesh with a sugarcane crushing capacity at 76,500 tonnes per day, distillery 320 kilo litre per day and co-generation 126 MW.
It reported Rs 60.22 crore net profit in the quarter ended December 31 as against a loss of Rs 64.01 crore in the year-ago period.
The net operating revenue grew by 43.48 per cent to Rs 949.93 crore during the third quarter of this fiscal from Rs 662.08 crore in the corresponding period of previous year.