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| Promoters to hike stake in GHCL: Sanjay Dalmia |
| Press Trust of India / New Delhi May 01, 2009, 17:01 IST |
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Soda-ash maker GHCL Chairman Sanjay Dalmia today said the promoters would increase their shareholding in the company from about 18 per cent "to a comfortable level", over the next six to eight months.
The stake of Dalmia and other promoters, who have been barred by the market regulator SEBI from dealing in GHCL shares, has declined by about 30 per cent in FY08-09.
"We have not sold any shares... Some of the promoter shares were pledged and those people (to whom the shares were mortgaged) sold them," he clarified.
Dalmia added that he would like to increase the holding to a comfortable level, as and when SEBI allows promoters to deal in the company shares.
Without specifying the level to which he would like the promoter holding to go up to, Dalmia said, "I am permitted to go up to 74 per cent."
He said the idea behind increasing the shareholding was to consolidate the controlling stake.
Dalmia alleged that SEBI had not given them an opportunity to clarify over the discrepancy in the GHCL share-holding and added, "we are in the process of replying to SEBI's ex-partie order."
"The least SEBI could have done was to ask our opinion, as they have done in the case of other companies. Why double standards," Dalmia added.
During FY08-09, GHCL made a net of Rs 106 crore, up from Rs 101 crore in the previous fiscal. Its annual revenues went up to Rs 1,230 crore from Rs 1,070 crore.
In the Q4 ended March 31, net profit more than doubled to Rs 25 crore, against Rs 12 crore in the year ago period.
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