The Telegraph
Since 1st March, 1999
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Promoters raise stake in BSL

Calcutta, May 28: The promoters of BSL Ltd — the Churiwal and Jhunjhunwala families — continue to consolidate their holding even after the cash offer by the Sardas for 30 per cent of the company’s shares fell through for want of full subscription.

In a declaration to the stock exchanges, the promoters of BSL today said they had acquired 1.8 lakh shares representing about 2.46 per cent of the company’s equity capital between April 4 and May 26. As a consequence, their stake in BSL has gone up to 43.53 per cent.

Ghanshyam Sarda, who had spearheaded the takeover bid on BSL, said he had not sold any of his shares and continued to hold 12 per cent in the company. Calcutta-based SMIFS Capital Markets is another major shareholder with a 1.36 per cent stake.

Asked what he intended to do with the stake, he said: “We would take a call on it after the mandatory cooling period of six months.” He remained silent on the possibility of making another cash offer to the shareholders of BSL. But, under the takeover regulations, the Sardas have to wait for six months before making another bid.

BSL managing director Arun Kumar Churiwal said the shares were bought from the market in exercise of the promoters’ right of creeping acquisition.

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