Adventz Group, the promoters of Texmaco Infrastructure and Holdings Ltd, raised its stake by around 3 percentage points in the company in the April-June quarter. At the end of March, promoters holding stood at 55.05 per cent.

Adventz also released 7.39 lakh pledged shares, representing 0.58 per cent, from Aditya Birla Finance Ltd (ABFL), belonging to another linage of the Birlas. Adventz represents a faction of K.K. Birla family led by S.K. Poddar, promoter-chairman of Texmaco Infra.

He has acquired a little over 2 per cent stake during the period through several market transactions. Poddar, son-in-law of K.K. Birla, bought 46.31 lakh shares on June 21 through Zuari Investments Ltd. He currently holds 4.02 per cent in his name as the head trustee of the HUF (Hindu undivided family). Three other promoter entities — Adventz Securities, Indrakosh Trading and NE Tradecom also acquired shares from the market.

‘New trend’

According to sources, now the promoters are moving closer to hold 60 per cent in the primarily real estate company, carved out of erstwhile Texmaco Ltd. “This marks a new trend,” said a senior Birla Building insider. Traditionally, Birla-controlled listed companies had a low promoter holding and relatively high debt-to-equity ratio. In Texmaco Rail and Engineering Ltd, the manufacturing entity of the group, the promoter holding now stands at 63 per cent.

From March 3, 2011, the shares of Texmaco Rail were listed after business separation and restructuring.

Promoter holding in Texmaco Infra on March 31, 2011, was 48.80 per cent. The company’s principal asset — a legacy industrial land of closed Birla Texiles in the Capital — after a long legal battle is nearing revenue generation stage. It is also into the hydro power project business.

The Re 1 stock of Texmaco Infra finished marginally down at Rs 25.05 on the BSE on Tuesday.

jayanta.mallick@thehindu.co.in

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