The Pyramid Saimira Theatre Ltd (PSTL) plot is getting thicker with PS Saminathan, the founder chairman and managing director of the company on Monday disclosing that he has sold a tad over 6% stake in the company through off-market deals. Uma Saminathan, another promoter of the company sold her entire stake in PSTL in a similar manner between October 10, 2008 and December 1, 2008. This comes close on the heels of Nirmal Kotecha, another promoter of the Chennai-based entertainment chain selling about 10% stake in the company in several tranches in the open market between December 19, 2008 and January 2, 2009.
Interestingly, the sale of promoters? stake in PSTL came in the wake of its promoters seeking a CBI probe into the alleged manipulation of the company’s stock by business rivals. The company had recently hit the headlines when it went public with an allegation that a missive purportedly sent by the market watchdog Sebi directing its promoters to make an open offer for an additional 20% stake in the company at a price of Rs 250 a share has been forged by some operators to manipulate its stock price. PS Saminathan also went on record saying that he would buy out his co-promoter Kotecha?s stake in the company through off-market deals.
However, Pyramid in a regulatory filing on Monday said that PS Saminathan had sold as many as 17,07,000 shares of PSTL amounting to 6.03% stake in the voting capital of the company through off-market sales between December 20, 2008 and December 31, 2008, thereby bringing his stake down to 17.989% from 24.026%. According to the filing, he had sold 4.25 lakh shares on December 12, 2008, another 10 lakh shares on December 29, 2008 and 2.82 lakh shares on December 31, 2008.
Similarly, Uma Saminathan had sold 74,721 shares in the company on October 10, 2008, another 45,722 shares on November 27, 2008 and 32,396 shares on December 1, 2008. Post sales, her holding in the company has come down to nil. Nirmal Kotecha had earlier said that he had sold his 6.49% stake in the company between December 19, 2008 and January 2, 2009 spread over six transactions thereby paring his stake down from 21.98% to 15.48%.
After these sales, promoters holding in the company might have come down to a tad lower than 40% from 55.65% they were holding as of the end of September quarter last year. Despite repeated attempts, company officials were not available for comment.
The progressive reduction of stake by promoters in PSTL has surprised many analysts as Saminathan has been consistently saying that he would buyout his partner Kotecha from the company through off-market deals. Now, with the chairman and his immediate family selling parts of their stake in the company is puzzling, they said.
According to the information available on the BSE website, six entities had bought Pyramid stake through its bulk deal window. These were Latin Manharlal Securities (2,11,323 shares), BP Fintrade (4,38,286 shares), Dynamic Stock Broking (1,52,789), Multiplier Shares and Stock Broking (1,54,383), Mukesh Jain (1.5 lakh) and PS Saminathan himself (four lakh shares).
Other than Saminathan, who bought the shares on November 19, 2008, all have bought the shares except Mukesh Jain on January 1, 2009.
