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Money > Business Headlines > Report April 4, 2002 | 1127 IST |
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Mystery buyer stalks market on a SundaySavio G Pinto A mystery buyer has emerged on the bourses. The buyer, the Javeri family, on Sunday, a day when the stock markets are shut, bought substantial stakes in five different companies listed on the Bombay Stock Exchange. Though the companies are not top of the line entities, the sheer volume of the transactions has raised eyebrows in stock market circles. The companies are Bharat Bijlee, B M Munjal's Munjal Auto Industries (formerly Gujarat Cycles, the 100 per cent export-oriented unit), Amrit Banaspati, Dalmia Industries and Shervani Industrial Syndicate (formerly Geep Industries). According to notices given to the BSE, these deals were undertaken on March 31, 2002, the last day of the financial year. In Dalmia Industries and Shervani Industrial, the Javeris have picked up 14.97 per cent each, the companies have informed the BSE. In Amrit Banaspati, the Javeris bought 11.05 per cent, in Bharat Bijlee 7.87 per cent, and in Munjal Auto Industries another 7.49 per cent. The precise antecedents of the Javeri family could not be ascertained. According to market sources, the Javeri family may not have purchased the shares as part of an attempt de-stabilise the existing managements, but probably as part of a financial arrangement. The promoter holdings in at least two of the companies, Munjal Auto and Shervani Industrial, are substantial at 64.32 per cent and 49.24 per cent, respectively. In Amrit Banaspati, the promoter holding is almost 42 per cent. Only in Bharat Bijlee is the holding of the promoters a low 22.49 per cent, with the financial institutions holding another 28.62 per cent. However, almost all the stocks are sparsely traded, and most are hovering at close to their all-time lows. Amrit Banaspati was last traded on March 20 at Rs 11.35 a share, Dalmia Industries on March 5 at Rs 20, and Shervani Industrial on March 18 at Rs 45. Munjal Auto was last traded at around Rs 40 and Bharat Bijlee at Rs 142. At these prices, the total investment made by the Javeris would be around Rs 90 million. ALSO READ:
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