Mumbai, Dec. 26
IN an inter-se transfer of promoter holding, the Shah family plans to acquire over 11 per cent equity stake in Mukand Ltd from the other promoter, the Bajajs.
The transfer of the shares will be effected after Thursday when a four-day notice period ends, a spokesperson for Mukand said.
According to a notice to the stock exchange, both Mr Rajesh V. Shah and Mr Suketu V. Shah plan to acquire 41.06 lakh shares apiece translating to a stake of 5.62 per cent for each of the brothers. The shares are being acquired at Rs 12 per equity share.
Once this transfer is complete, the shareholding of Mr Rajesh Shah would stand at 41.98 lakh shares aggregating to 5.75 per cent and Mr Suketu V. Shah's at 41.97 lakh shares aggregating to 5.75 per cent stake.
"This transfer is based on the promoters' understanding and all issues related to it have been addressed," the company's spokesperson said.
"The Bajajs and the Shahs have jointly owned and managed the company and will continue to do so in future," she said quoting a statement from Mukand.
At the end of September 2005 quarter, the promoter holding of Mukand stood at 44.12 per cent - Jamnalal Sons Pvt Ltd 28.22 per cent; Bajaj Auto 2.74 per cent; Fusion Investments and Financial Services 1.13 per cent; and Jeewan Ltd 5.04 per cent.
Though the company was not willing to divulge the exact holding of the two promoter groups, market talk indicated that with this transfer the holdings of Bajajs and Shahs would be equal.
Shares of Mukand were nearly unchanged at Rs 85.8 on BSE.