Mawana Sugars (MSL) today said its promoter, Usha International (UIL), has increased its stake in the company by over 50 per cent stake to 62.67 per cent, thereby giving it management control.
The Delhi High Court had on July 19 sanctioned a scheme of arrangement for amalgamation of UIL with MSL, whereby stakes held by Greenfields Commercial and Siel Holdings in MSL were vested with UIL.
Under the scheme, UIL has received over 1.24 crore equity shares, or 35.72 per cent, from Greenfields Commercial and 50.35 lakh shares from Seil Holdings, representing 14.4 per cent of the fully paid-up equity capital in MSL.
"UIL presently holds 12.54 per cent equity in MSL and with the above developments, UIL will hold 62.67 per cent stake in the total equity capital of MSL," MSL said in a communique to the Bombay Stock Exchange.
With the development, MSL has now become a subsidiary of UIL.
MSL, which has interests in chemicals and edible oils as well, had reported a net loss of Rs 57.22 crore for the year ended September 30, 2009, with total sales of Rs 676.32 crore.
