B K Birla to raise holding in group cos

Agencies
Posted: Saturday, Jun 27, 2009 at 1412 hrs IST
Updated: Saturday, Jun 27, 2009 at 1412 hrs IST

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Kolkata: The Rs 10,000-crore B K Birla Group said on Saturday that it will raise stake in group companies to 40 per cent in the next three years where promoter holding was close to 25 per cent.

"In two companies where promoters holding is close to 25 per cent stake would be increased to 40 per cent in three years," chairman B K Birla said on the sidelines of the AGM of Century Enka.

The promoters' holding in Century Enka is 24.5 per cent and Kesoram 26.36 per cent as on March 2009. Promoter holding in Mangalam Timber and Mangalam Cement were Rs 29.88 per cent and 27.07 per cent, respectively, according to stock exchange filings.

Birla said it was advisable to increase promoter holding in all group companies to half (50 per cent) of company shares.

There was above 50 per cent holding only in Century Extrusion. Birla promoters held 40.32 per cent in Century Textiles and Industries and 41.86 per cent in Jayshree Tea and Industies.

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