| Financial Express - Jan 30, 2002 |
| Promoters up Chemplast stake |
| Promoters up Chemplast Sanmar stake by 19% to
75% via open offer |
Our Markets Bureau
Chennai, Jan 29 |
| PROMOTERS of the Chennai-based Chemplast Sanmar
Ltd have upped their stake in the company by 18.94 percent through
an open offer. The promoters share in the venture now stands at 74.87
percent of the paid-up share capital of the company compared to the
pre-open offer share of 55.93 per cent. |
| According to top company officials, the open offer
was part of the promoters' move to consolidate their holding in the
flagship company. |
| The promoters have made the open offer through
SPIL Securities (GAMMA) Ltd., an associate company, during the third
quarter of the current fiscal to acquire 44.07 percent of the paid-up
equity shares at a price of Rs 19.25 per share. The open offer commenced
on October 24, 2001 and was completed on November 22, 2001. |
| Consequent to the offer, the holding of private
corporate bodies has reduced to 0.42 percent (end- December) from
15.62 per cent in September 2001. The holdings of banks, financial
institutions and insurance companies remained almost unchanged at
15.02 per cent. The 13.13 per cent holding (end-September) of Indian
public was pared to 9.45 per cent by end-December. |
| As per the December 2001 details holding by other
stake-holder's stood as: mutual funds 0.04 per cent, foreign financial
instititions 0.01 per cent, private corporate bodies 0.42 per cent,
non-resident Indians and overseas corporate bodies 0.18 per cent,
foreign national 0.01 per cent. |
| Chemplast Sanmar is in the process of doubling
its capacity by setting up a greenfield plant in Tamil Nadu with assistance
from international funding agencies. |
