Dalmia Firm & #39;S Stake In Gesco Up At 7.27%

The shareholding of the Abhishek Dalmia-promoted Eastern Resin & Allied Products Ltd (Sikkim) in Gesco Corporation stands at 7.27 per cent.

Gesco Corporation today informed the Bombay Stock Exchange that Eastern Resin & Allied has acquired 17.75 lakh shares representing 6.17 per cent of the equity shares of the company.

"This together with their existing holding of 1.10 per cent brings the total holding of Eastern Resin in Gesco to 7.27 per cent (20.90 lakh shares) of the company," Gesco said in its communication to the BSE.

A top Gesco official said: "The Dalmias are believed to have consolidated their holdings in Gesco through Eastern Resins. This is not a significant stake and we knew about their holding in Gesco earlier."

He added that the addition of the stake was through some transfer of stake and not via open market purchases of additional equity.

The disclosure is being furnished as required under Regulation 7(3) of the Sebi (Substantial Acquisition of Shares & Takeovers) Regulations, 1997.

During the last fiscal, the promoters of Gesco Corporation successfully staved off a hostile takeover bid.

The battle for the acquisition of the firm ended with corporate predator Abhishek Dalmia making an exit by selling his entire 10.5 per cent in the company to the Sheth-Mahindra combine for a sum of Rs 16.35 crore.