Icici Picks 6% In George Williamson At Rs 80 A Share

ICICI Ltd has picked up 5.73 per cent in Magor-held George Williamson (Assam) at Rs 80 a share. S K Mitra, chairman and managing director of George Williamson, said the B M Khaitan group has offloaded part of its holding to the term lending institution.

Deepak Khaitan, vice-chairman and managing director of Eveready Industries India confirmed the development. The group had sold the shares in the open market and subsequently ICICI may have acquired the shares, he said.

However, industry sources said this was a specific sale to ICICI and was part of a debt restructuring exercise. The shares were held through Eveready Industries India, Williamson Magor & Co and Williamson Financial Services. "The remaining holding could not be transferred to ICICI as they were not free for sale," said sources close to the development.

George Williamson scrip today rose 2.37 per cent before closing at Rs 81.95 on the Bombay Stock Exchange. The scrip however decreased 1.23 per cent to close at Rs 80 on the National Stock Exchange (NSE).

The B M Khaitan group had 10.6 per cent in the company before the Khaitan and Magor families of the Williamson Magor group decided to part ways.

The shareholding pattern of George Williamson as on December 31, 2001, prior to ICICI's entry, indicates that Indian promoters had 10.6 per cent, foreign promoters held 70 per cent, mutual funds and Unit Trust of India owned 4.23 per cent, banks, financial institutions and insurance companies accounted for 4.67 per cent, private corporate bodies just 0.8 per cent, Indian public 9.68 per cent and non-resident Indians/overseas corporate bodies 0.02 per cent.