Pyramid Saimira's Kotecha brings down holding to 15.5%

One of the promoters of Chennai-based media and entertainment firm Pyramid Saimira's Nirmal Kotecha has sold nearly 10 per cent of his stake in the company through open market on Monday. Kotecha's stake in the company has now come down to 15.48 per cent from 24.89 per cent in September.
 
Pyramid Saimira had stated that Kotecha had sold 6.49 stake in the company between December 19 and January 2 in 16 transactions in both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
 
In a statement, the company had said that one of its promoters, Kotecha, has sold 3.80 lakh shares representing 1.35 per cent stake in the company between November 19 and December 5, 2008.
 
In another transaction, public-sector bank Punjab National Bank (PNB) also sold equities worth Rs 88.94 lakh in Pyramid Saimira on Monday. According to National Stock Exchange data PNB sold 2.27 lakh shares, at Rs 39.14 per piece, aggregating to Rs 88.94 lakh.
 
Meanwhile, P S Saminthan, another founder and chairman, Pyramid Saimira has increased his stake to 24.45 per cent from 21.97 per cent last September. On December 22, 2008 Saminthan said that his current holding in the company is 24 per cent and planning to consolidate it by buying another 22 per cent from Nirmal Kotecha, which would take the total share holding of Saminathan to 46 per cent.
 
It may be recalled two weeks back Pyramid Saimira was in headlines when it said that the company is planning to launch a formal complaint with Central Bureau of Investigation (CBI) against the letter which it had received from the regulator Securities Exchange Board of India (Sebi), with regard to the company's open offer, has been forged. The case is still under investigation.
 
The letter dated December 19, 2008, which is in the circulation printed at the regulator's letterhead carrying Corporate Finance Department's Assistant General Manager signature. The letter subjected, "Violations of Sebi (SAST) Regulations by P S Saminathan & Pyramid Saimira Theatre", stated that Sebi had directed Pyramid Saimira to make an open offer to buy 20 per cent in the company at Rs 250 a share.