Institutional Investors Hike Holdings In Acc By 12%

Institutional investors have reaffirmed their confidence in Associated Cement Companies Ltd (ACC) by scaling up their holding further in the company.

During March-September, institutional investors hiked their holding in the company by 12.36 per cent.

Institutional holding, which includes holdings by mutual funds (MFs) & Unit Trust of India, banks, FIs, insurance companies and foreign institutional investors (FIIs) stood at 28.97 per cent in March and is now at 41.33 per cent. FIIs alone increased their stake by 6.48 per cent. In the last quarter, institutional holding increased by 2.37 per cent. Private corporate bodies' (PCBs) holding, however, has come down by 3.11 per cent.

The shareholding pattern of ACC as on December 31, 2001, indicated holding of MFs & UTI at 10.19 per cent, that of banks, FIs and insurance companies at 13.11 per cent, FIIs at 13.11 per cent, private corporate bodies (PCBs) at 18.87 per cent, the NRIs and OCBs at a paltry 0.53 per cent, the Indian public at 39.04 per cent and shares held by citizens of Pakistan at 0.23 per cent.

Analysts tracking the company said: