ITC chief Deveshwar sells shares worth Rs 5.8 cr

Tobacco-to-consumer goods giant ITC Ltd today said its chief, Mr Y. C. Deveshwar, has sold shares worth about Rs 5.8 crore, while two other directors have also sold shares worth about Rs 2.7 crore through the open market.

In a regulatory filing this morning, ITC said that Mr Y. C. Deveshwar, Chairman and Wholetime Director, has sold about 2.79 lakh shares for about Rs 5.78 crore.

Besides, Wholetime Director, Mr K. N. Grant, has also sold 1.25 lakh shares for about Rs 2.58 crore, while 5,000 shares have been sold from the holding of non-executive director Mr S. H. Khan, held by his dependent (wife) for Rs 10.16 lakh.

According to the regulatory disclosure, Mr Deveshwar held 20.13 lakh shares or about 0.0258 stake in the company, which has declined to 17.34 lakh shares or 0.022 per stake after the latest sale through the stock exchange.

According to data available with the BSE, Mr Deveshwar had sold ITC shares earlier in February also.

There is no promoter holding in ITC and various institutions together hold 51.09 per cent stake, including 16.31 per cent held by overseas entities and 34.78 per cent by domestic institutions.

Among the major shareholders, Tobacco Manufacturers India Ltd had 25.47 stake, LIC 12.5 per cent and Specified Undertaking of the Unit Trust Of India (SUUTI) 11.50 per cent holding at the end of last quarter ended December 31, 2011.

ITC shares were trading 1.03 per cent down at Rs 205.06 in a weak market at 1120 hours at the BSE today.