Companies which have been targeted include: DCM Shriram Consolidated, Jaiprakash Industries, Global Trust Bank, Aftek Infosys, VisualSoft Technology, Munjal Showa, Hotline Teletubes, Hotline Glass and Atco Industries. Sources said the acquirer companies have already informed the stock exchanges and companies in most of these cases. However, the identity of market operators behind these companies has, by and large, remain unknown as the shares were acquired by their private companies.

Another Thapar group company, Crompton Greaves, is also believed to have attracted interest of a cash-rich businessman, who is close to reaching the five per cent trigger-level. Mr Bajoria has recently announced acquisition of six per cent stake in Ballapur Industries Ltd, the Thapar Group's flagship company.

The sources also said there could be several other companies in which individual market operators have taken high stakes.

A Mumbai-based operator, whose name is synonymous with information technology stocks, controls over five per cent stake each in Global Trust Bank, Atco Industries and Aftek Infosys through a clutch of group companies.

Another big but low-profile Mumbai-based operator holds over seven per cent in VisualSoft and around six per cent in Hero group's Munjal Showa through his closely-held companies.

A well-known Delhi-based operator has acquired over 12 per cent stake in cement and the turnkey engineering company, Jaiprakash Industries Ltd. He is also believed to be in control of eight-nine per cent shares of Ajay-Vikram Shriram group company, DCM Shriram Consolidated.

The sources said none of the three operators has any interest in taking over the companies as of now or in the near future. ``You can call them cash rich, large investors who believe that investing in these companies will yield them handsome returns,'' said an investment banker.

On the other hand, they could, at a later stage, sell these shares enblock to certain interested parties or to those who now hold these shares on behalf of a third party.

Curiously, the core shareholding of promoters and directors in their own names in most of these companies is low. This is because promoters generally hold their shares through closely-held private companies. It is, therefore, difficult to make out, from the available shareholding figures, how much control these promoters have in the companies as a big chunk of shareholding is classified under `Other Companies.'

An example. In Crompton Greaves, the shareholding of directors and group holding and subsidiary companies is about 29 per cent and Other Companies hold about 13 per cent. It is not known how many of these Other Companies belong to promoters or outside shareholders. Public and other entities hold around 26 per cent while collaborators hold 14 per cent.

Similarly, in the case of Jaiprakash Industries, its directors own over seven per cent shares while other companies own 35.30 per cent. And in DCM Shriram Consolidated's case, the shareholding in directors' names is just 1.50 per cent, with other companies owning 41.61 per cent.

In Global Trust Bank, the directors hold merely 11.48 per cent while other companies own over 30 per cent of which a big chunk is owned by International Finance Corporation and Asian Development Bank. In VisualSoft, directors own 11.3 per cent and an equal percentage is held by other companies. Public holding is over 60 per cent, making it an easy target.Another noticeable trend in these companies is the movement of their share prices. Aftek Infosys is currently trading at Rs 960, but has witnessed a 52-week high of Rs 5,000 and a low of Rs 300. In the case of VisualSoft, the current price is around Rs 945 but the stock hit a 52-week high of Rs 3,500.

And in Munjal Showa's case, the 52-week high/low was Rs 300 and Rs 84 against the current market price of Rs 104. Global Trust Bank, which is currently trading around Rs 70, had a 52-week high/low of Rs 110/Rs 34.

Market analysts say that the share price trends of these scrips show that they attracted heavy buying in the past one year even though they may be currently trading at much lower prices.