Mumbai, Aug. 29: The Voltas counter today witnessed an unusual spurt in activity with total volumes zooming more than 50 times over Wednesday’s figure. The action in the scrip has led to speculations that the Tatas are consolidating their shareholding in the company.
While the stake of private corporate bodies in the company is put at 14.92 per cent for the quarter ended June 30 this year, the Tatas have been steadily consolidating their hold in the company.
In fact, from a shareholding of 23.27 per cent for the quarter ended December 31, 2002, the Indian promoters’ stake in Voltas rose to 24.85 per cent as on March 31,2002 and subsequently to 25.69 per cent in the first quarter of the current fiscal year.
In today’s trading on the Bombay Stock Exchange (BSE), the Voltas counter saw 63 trades with 27,723 shares being transacted. This yielded a turnover of Rs 12.47 crore.
The volumes clocked today translate into a rise of more 5,400 per cent vis-à-vis yesterday, when the scrip only witnessed 12 trades with 500 shares being transacted. It also shows a gain of more than 500 per cent over its five-day average of over 4,100 shares, market circles said.
The scrip however finished lower at Rs 45 as against its previous finish of Rs 45.80 after opening at Rs 44.60 and rising to an intra-day high of Rs 45.20. Though the identity of the buyer and seller could not be confirmed, the buyers are widely speculated to be the Tatas.
Among non-promoters, while mutual funds and UTI hold 1.92 per cent, banks, financial institutions and insurance companies hold close to 24.45 per cent while the public has close to 32 per cent in the company.
Last year, the Gujarat Samachar group had acquired a 12 per cent equity stake in the company. The group purchased close to 12 per cent in Voltas for an investment of around Rs 16 crore.
While the equity mop-up was completed in the second week of July, all these shares were purchased through the stock markets.
Consequent to the acquisition of a 12 per cent stake in the company, reports said that the Gujarat Samachar publication group under the Lok Prakashan Ltd umbrella, has set the acquisition of 15 per cent stake in Voltas Ltd as the next landmark. It was also believed that the group would come out with an open offer which however, is yet to happen.