Mirc founder transfers half his stake to two sons

The mode of proposed acquisition is by way of inter se transfer

Mirc Electronics founder and chairman Gulu Mirchandani has transferred half of his 35.85 per cent stake in the company, makers of the Onida brand of consumer durables, to his two sons.

After several rumours of stake-sale by Mirchandani over the past few months, the company today announced that he had halved his stake in the company transferring 17.56% stake to his sons.

Mirchandani bought out his brother, Sonu Mirchandani’s stake last year and gained further control over the company.

In a notice to the National Stock Exchange today, the company said Gulu Mirchandani’s son, Sasha G Mirchandani has proposed to acquire 1,24,72,800 equity shares representing 8.78 per cent of the shares/voting rights of Mirc Electronics from Gulu L Mirchandani.

 

The mode of proposed acquisition is by way of inter se (‘between or amongst themselves’) transfer. The date of proposed acquisition is fixed at November 30 or any date thereafter. The shareholding of Sasha G Mirchandani after the proposed acquisition would be 1,24,78,750 equity shares representing 8.79 per cent of the shares/voting rights of Mirc Electronics. His other son, Kaval G Mirchandani has also proposed to acquire 1,24,72,800 equity shares representing 8.78 per cent of the shares/voting rights of Mirc Electronics from Gulu L Mirchandani.

The mode of proposed acquisition is by way of Inter se transfer. The shareholding of Kaval G Mirchandani after the proposed acquisition would be 1,25,16,829 equity shares representing 8.81 per cent of the shares/voting rights of Mirc Electronics.

Kaval Mirchandani is currently heading the LCD Television segment in the company. The other son, Sasha, is the managing director of a BlueRun Venture Capital Fund. So he is not involved in the day-to-day working of MircElectronics.

Mirc has recently announced initiatives to gain market share, including revamping its portfolio.

The company expects to reach Rs 2,000 crore in turnover from the present Rs1,600 crore, Mirc Electronics, vice-president, marketing, sales and service, Krishnamurthy Sriram, said recently. Mirc’s scrip gained by 2.62 per cent to Rs17.65 on the BSE today.