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City-based Rs 1,800-crore Keventer Group has substantially reduced its holding in Tide Water Oil (India) Ltd. Between March 2011 and March 2012 the group’s holding dropped to 4.61 per cent from 13.34 per cent.
Mr M.K. Jalan, Chairman of the Group, confirmed to Business Line that a group entity Victory Retail Marketing Pvt Ltd sold off 8.73 per cent stake in public sector Andrew Yule-controlled Tide Water Oil, a listed manufacturer of industrial and automotive lubricants as also grease.
“We have offloaded a portion of our stake in the company through open market”, said Mr Jalan. Keventer’s interest in the company has been for possible divestment by Andrew Yule. “We will surely bid for the stake if Andrew Yule offloads Tide Water stake”, Mr Jalan said.
April-June quarter of 2009 saw Victory Retail entered the public shareholder list of Tide Water first with 9.89 per cent.
Coincidence
Interestingly, it appears from the changing shareholding pattern in Tide Water that Mumbai-located Standard Greases and Specialities Pvt Ltd during the March 31, 2011 and March 31, 2012 period increased its holding to 23.24 per cent from 14.52 per cent, almost identical number shed by Victory Retail.
“We have not worked in tandem,” Mr Jalan said. Standard Greases first picked up Tide Water shares — 12.22 per cent — in October-December quarter of 2008.
In 2008, under the takeover code any acquirer needed 15 per cent to be eligible for making an open offer of additional 20 per cent. Now the eligibility threshold has been raised to 25 per cent.
Currently, Andrew Yule holds 26.22 per cent and Tide Water Oil Co India Ltd Employee Welfare Trust has 2.57 per cent.
Three other investors — LIC (4.22 per cent), United India Insurance Co (10 per cent) Maryada Barter P Ltd (1.28 per cent) figure in one per cent-plus list in the public category of Tide Water stakeholders.
On Monday, the shares of Tide Water finished at Rs 6,997 on the BSE.
>jayanta_mallick@thehindu.co.in
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