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Money > Business Headlines > Report April 23, 2002 | 1330 IST |
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Birla buys out YamahaBS Corporate Bureau Yashovardhan Birla, the scion of the Ashok Birla group, has bought out Japanese major Yamaha from his genset manufacturing joint venture, Birla Yamaha. Birla has bought 29.22 lakh (2.922 million) shares, or the entire 27.88 per cent stake, held by Yamaha Motor, for an undisclosed amount. In a notice to the Bombay Stock Exchange, Birla Yamaha said Birla International, an associate of the Indian promoter, had acquired the shares held by Yamaha under an "inter se transfer among promoters". Following the acquisition, Birla International's holding in Birla Yamaha increased to 29.81 per cent. The Birlas now hold almost 60 per cent in Birla Yamaha. Yamaha Motors' four directors on the board of Birla Yamaha are now expected to step down. The company's name may also be changed. Birla could not be reached for comment. According to Birla Yamaha's shareholding pattern registered with the BSE, the Birlas, prior to the acquisition, held 30.93 lakh (3.093 million) shares in the company, or 29.51 per cent stake, as on December 31, 2001. People acting in concert had an additional 1.54 lakh (154,000) shares, or 1.48 per cent stake. In 2000-01, Birla Yamaha reported a net profit of Rs 5.12 crore (Rs 51.2 million), lower than the Rs 6.11 crore (Rs 61.1 million) profit it posted in 1999-2000. During 2000-01, it sold 41,907 gensets/engines, as against 37,985 during 1999-2000. The company has a share capital of Rs 10.48 crore (Rs 104.8 million). In 2000-01, the company's managing director R S Sharma resigned, following which S L Khunteta was appointed the president and wholetime director. ALSO READ:
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