Promoters of B K Birla group company Kesoram Industries Ltd (KIL) have hiked their stake to 49.28% from 27.22% through its recent Rs 416 crore rights issue.
"The total infusion would be around Rs 200 crore from the promoters to subscribe to their portion and the additional shares remaining unsubscribed raised the promoter's stake to 49.28%," KIL company secretary Gautam Ganguli said.
Since B K Birla's daughter Manjushree Khaitan joined the company as vice-chairperson promoters began to consolidate their holding for absolute control in the Rs 6,000 crore company.
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The rights issue was of Rs 6.4 crore shares of Rs 10 each at a premium of Rs 55 a share.
Rekha Jhunjhunwala, wife of investor Rakesh Jhunhunwala, subscribed to the rights issue. Her present holding stands at 6.83%, up from 3.28%, a company disclosure to the stock exchanges said.
Kesoram said the proceeds would be utilised to reduce debt on the books.
