Assam Co promoters up stake
Calcutta, March 3: The promoters of Assam Company Ltd have raised their holdings by 5 per cent during the October-December quarter.
During the same quarter, Mavi Investment Fund, the sub-account of Switzerland-based MM Warburg Bank, has reduced its holding in the company by 5 per cent.
Assam Oil Company has increased its holding in Assam Company to 38.45 per cent during the quarter ended December 31, 2008 from 33.45 per cent in September 2008.
This raised promoters’ holding to 46.19 per cent from 41.19 per cent till December 31.
Mavi Invest Fund — which had an 8.72 per cent stake in Assam Company at the end of September 2008 — brought down its holding to 3.72 per cent at the end of December 2008.
The total public holding (entities holding more than 1 per cent) came down to 29.70 per cent from 34.80 per cent as on September 2008.
Assam Company managing director Aditya K. Jajodia refused to comment on the issue when contacted by The Telegraph.
On October 27, 2008, Sebi allowed the promoters to up stake, through creeping acquisition and share buyback from open market, by up to 5 per cent in a year.
A firm or a person whose holding in a group company is 55 per cent and above but below 75 per cent is eligible to take this share acquisition route up to a limit of 5 per cent in a year.
In another development, Assam Company had informed the Bombay Stock Exchange on February 17 that the promoters had pledged 1.47 per cent (45,56,000 units) shares.
During the quarter ended December 31, Assam Company suffered a net loss of Rs 11.47 crore.
The company is engaged in cultivating, manufacturing and selling tea, and in oil and gas exploration.