Turner Morrison To Pick Up Stake In Jenson & Nicholson

Turner Morisson is promoted by Amit Judge who launched the well-known "Stencil" brand of readymade menswear.

Sources said Judge plans to inform the Securities and Exchange Board of India about the deal.

Judge, however, denied that he was making a bid for the company. He said he has neither bought J&N shares from the market nor has he negotiated to pick up a stake in the company.

Jenson & Nicholson director (finance) J S Chatterjee said Judge will not be able to acquire a controlling stake since J&N's promoter, S P Sinha, has increased his stake to 40 per cent from 32 per cent through a Rs 4-crore rights issue that concluded on November 1. J&N has nearly 11,000 shareholders who hold 30 per cent of the stake and an equal percentage is held by FIs.

 

It is also unclear whether Judge envisages a takeover of the company from S P Sinha. Sinha, however, was unavailable for comment when contacted in Patna.

The volume of J&N shares traded on the BSE shot up to 40,150 shares on November 1 from 250 shares on October 29, 100 shares on October 30 and 50 on October 31. When the market resumed on Monday (November 4), 40,000 shares were traded.

Judge controls a clutch of companies, including STP Ltd (Shalimar Tar Products Ltd), SKG Consolidated Ltd, Steelage India Ltd, Raghuvar India Ltd and Sports & Leisure Apparels which has the Lacoste franchise.