Raja Simhan T.E.
Chennai, Oct 18
SPIC increased its stake in SPEL Semiconductor to 55.62 per cent during the quarter ended September 2005, from 34.97 per cent in the previous quarter.
SPIC, SPEL's promoter, converted to equity an unsecured loan of Rs 36.80 crore that it extended to SPEL.
It subscribed to 1.47 crore equity shares of face value of Rs 10 each at premium of Rs 15 a share. This follows a clean-up of SPEL's balance sheet, according to a company official.
Following this restructuring, the promoters' holding in SPEL - including that of SPIC Holdings & Investments Ltd and persons acting in concert - has increased to 58.97 per cent during the quarter ended September compared to 38.21 per cent in the previous quarter, according to information available with the BSE.
Public stake in SPEL, an integrated circuit assembly and test company, reduced to 29.30 per cent during the quarter from 44.84 per cent previously.
Other stakeholders' share has also dropped - IFCI's to 3.96 per cent from 6.61 per cent and that of Ranford Investments to 2.66 per cent from 4.01 per cent.
Mr Ar. Rm. Arun, Vice-Chairman of SPEL, had told newspersons of the Hindu group last week that the company's promoters are open to selling their stake "to any extent" to a partner. "However, we will not give up the company fully. We need to give room for partners to come in. We want a partner who understands our industry and help SPEL's growth."On the BSE today, the SPEL scrip closed at Rs 22.60.