GACL hikes promoter holding

The Gujarat government through its subsidiary, Gujarat State Investments Ltd (GSIL), has further increased the promoter holding in chemicals major, Gujarat Alkalies and Chemicals Ltd (GACL).

GSIL, which held 17.21 per cent in GACL, has purchased over 27,700 shares through market purchase on Monday and Tuesday, the company informed in a filing with the stock exchanges on Thursday. The company bought around 6,108 shares of GACL on Monday through market purchase, while on Tuesday, GSIL bought additional 21,622 shares, the company statement informed.

Post the fresh purchase of additional shares, GSIL's total holding in GACL has increased to 17.25 per cent. GSIL now holds 1,26,66,726 shares of GACL, the statement said.

Notably, promoter holding in the GACL increased dramatically from 36.72 per cent in December 2012 to around 40.60 per cent in March 2013.

The move, according to analysts, was fallout of an aggressive buying by a private media group, Lok Prakashan Ltd. As per the latest filing by the company, Lok Prakashan holds close to 21 per cent in GACL.

While domestic institutions hold 5.4 per cent, foreign institutional investors hold 4.03 per cent in the public sector chemicals major. GACL shares ended positive at Rs 181 on the Bombay Stock Exchange (BSE) on Thursday.