Some of the individual promoters of Century Plyboards (I) Ltd (CPIL), holding around 4 per cent of the paid-up equity, have offloaded their stakes entirely in the second half of FY 2011.

Of the total, around 3 per cent have been offloaded in favour of three other promoters of the company during the current quarter and around 1 per cent had been sold off in the market last quarter.

This has increased holdings of the three original promoters – Mr Sajjan Bhajanka, Mr Sanjay Agarwal and Mr H.P. Agarwal.

On Tuesday, CPIL Managing Director, Mr Bhajanka, confirmed to Business Line that Mr Sajan Bansal and his associates exited completely from CPIL and Mr Bansal has also stepped down from the CPIL board on Monday.

“Two of us (Mr Bhajanka and Mr Sanjay Agarwal) have picked up 1.35 per cent each, while Mr H P Agarwal picked up 0.5 per cent,” he added.

As a result of these inter se transfers of shares among the promoter individuals and entities, Mr Bhajanka and Mr Sanjay Agarwal now control 26.5 per cent each, while Mr H.P. Agarwal owns 6.36 per cent.

Now, three individuals – Mr Sajan Bansal, Mr Saran Bansal and Mr Devesh Bansal – will not figure in the promoters' category and the 37-strong individual promoters' list stands reduced to 34.

Total holding of promoters in Century Plyboards, however, remains unchanged at 84.18 per cent. The promoters of the company, which has initiated move for business reorganisation, need to reduce their combined holding to 75 per cent under the SEBI guidelines. “This would be done in a phased manner post reorganisation,” Mr Bhajanka said.

The CPIL board has also approved a scheme of arrangement between CPIL and Star Ferro and Cement Ltd (SFCL), a 100 cent subsidiary of CPIL, paving way for transfer of ferro alloys and cement businesses of CPIL to SFCL with effect from April 1. CPIL shareholders will be entitled to SFCL shares in the ratio of 1:1.

The Re 1-stock finished at Rs 65 on the BSE on Tuesday, down 4 per cent.

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