It’s not just the BSE that has picked up a stake in the recently demutualised Calcutta Stock Exchange. The new investors represent the veritable who’s who of eastern Indian’s corporate scene.
These 25 investors together have picked up a 52% in CSE paying Rs 2,000 a share of Re 1 face value with BSE being the largest stakeholder with a 4.99% holding.
Among them are JP Chowdhary of Titaghar Wagons fame (who recently bought GE Equipment Services to India), HM Bangur of Shree Cement, RV Kanoria of Kanoria Chemicals, the low-profile Vijay Mundra, the Agarwals of Emami, Sanjay Budhia of Patton and real estate majors Ravi Poddar of United Credit and Sanjay Jhunjhunwala of Mani Group.
To keep the record straight, none of these names actually appears on the list. Investments have been done officially in the name of either investment companies or even in some cases in the name of the wives of the industrialists.
So Chowdhary, promoter of Titagarh Wagons Ltd, appears to have been represented by his wife Savitri Devi Chowdhary, who at one point had a 30.5% stake in Titagarh Wagons Ltd in her name.
Bangur of Shree Cements Ltd has taken an exposure to CSE through his investment arm Mannakrishna Investments Pvt Ltd, a company whose name appears as a promoter group outfit of the cement company.
Kanoria, chairman and managing director of Kanoria Chemicals, a leading manufacturer of chlor-alkali and intermediates catering, is represented by Kirtivardhan Finvest Services Ltd.
Sources in CSE told FE that Alpana Mundra represents investor Vijay Mundra who was once associated with an attempted takeover of cable maker Incab, which the Tatas have been eyeing in recent times.
Realtors Poddar and Jhunjhunwala have invested through their companies United Credit Ltd and Mani Square Ltd respectively. Their interest could have been triggered by the CSE’s proposed acquisition of around 10 acre at Rajarhat, first reported by FE on July 13.
Other notables are Jai Balaji Industries Ltd of the Jajodias and Nagreeka Capital & Infrastructure Ltd of IL Patwari of Nagreeka Exports.
CSE authorities had earlier announced that KK Birla group company Texmaco, BK Birla flagship Kesoram, Emami, Patton and Hindusthan National Glass & Industries Ltd are among the new set of promoters.