Housing finance services and cement firms have seen their promoter’s stake rising between 4 and 10 percentage points y-o-y for the three months to September. Among the BSE 500 companies which reported increase in promoter’s stake are Ambuja Cement and Grasim Industries, whose promoters increased their stake in the company by 10.86 and 5.77 percentage points, respectively.
Foreign promoters who did not have any holding in the Grasim in the quarter ending September 2015, bought around 5% stake in the company for the three months to September 2016. In August, Aditya Birla Group chairman Kumar Mangalam Birla had announced the merger of Grasim with Aditya Birla Nuvo. This will be followed by the demerger of the financial services business into a separately listed company. Housing finance companies like Indiabulls Real Estate and Dewan Housing Finance saw its promoter holding increase to 47% and 39%, respectively from previous year’s 42% and 34%.
Leading the pack is Chennai-based Polaris Consulting and Services whose promoter stake increased to 78.61% for the three months to September from previous year’s 28.92%, a difference of around 50 percentage points. In November last year, US-based financial services consulting firm, Virtusa Corporation had announced that it had acquired 53% stake in Polaris from its promoter entities. In addition, the company also made an unconditional mandatory offer to the public shareholders of
Polaris to purchase up to an additional 26% of the company’s outstanding shares.
Automobile manufacturing company, Ashok Leyland followed the list with an increase of 11.56 percentage points as the stake of the promoter grew to 50.38% from previous year’s 38.82%.
Other companies such as Adani Power, Siti Networks, Indiabulls Real Estate, Dewan Housing Finance and Thomas Cook (India) saw promoters increasing their stake in the company between 6 percentage points and 4 percentage points.
The foreign promoter holding in companies such as Kansai Nerolac, Lycos Internet, Vedanta, OnMobile Global and Gulf Oil Lubricants increased by 2-5 percentage points.