Pune predator back, now in Dhoots VCL

Mumbai, Jan 5 | Updated: Jan 6 2006, 06:26am hrs
Pune-based low-profile high networth investor (HNI) Ashok Kumar Parmar has re-surfaced as one of the substantial acquirers in the VN Dhoot-controlled Videocon group.

This time, he has mopped up close to 14.9% shares in Videocon Communications Ltd (VCL) and has sought representation on the board of the company.

Mr Parmar has picked up close to 11 lakh shares in VCL in the last 7-8 months and his average cost of acquisition is around Rs 55 per share. VCL shares closed Thursday 1.84% higher at Rs 74.80 on the Bombay Stock Exchange (BSE).

The other major shareholders of VCL are Indian promoters (the Videocon group) with 24.06%, foreign promoters (Toshiba and Mitsubishi) 25% and Indian public 45.65% as per the latest shareholding pattern filed with the BSE.

Earlier, in December 2004, Mr Parmar had acquired a sizeable stake in Videocon Appliances Ltd but exited the stock following the managements refusal to give a berth to him on the company board. His other sizeable stake acquisitions were Sai Services, Elecon Engineering and Indian Hume Pipes from where he has now exited.

In Action Again

Parmar has picked up close to 11 lakh shares in VCL with average cost per share around Rs 55
He is said to have sought representation on the company board
Parmar says if it is not accepted, he may think of hiking the stake further and trigger an open offer
The company, however, denied any such development

While confirming his acquisition, Mr Parmar told FE, After acquiring sizeable stake, I have sought a berth on the VCL board and if it is not accepted by the VCL management, I may think of hiking the stake further and trigger an open offer.

However, Videocon Group chairman VN Dhoot said, We do not know any Ashok Kumar Parmar, and, he has not made any presentation.