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Foreign fund picks up 11% in J&N

Calcutta, July 1: Euro Middle East Investment Ltd, an overseas firm, today reported to the National Stock Exchange that it had acquired 11.39 per cent stake in Jenson & Nicholson (India) Ltd — the beleaguered Calcutta-based paint company.

Euro Middle East Investment said it acquired 29.86 lakh shares of Jenson from the market yesterday. It held 12.73 lakh shares previously, which represents about 3.4 per cent of Jenson’s shares. The management of Jenson was not available for comments. Market observers say the Euro Middle East Investment is, in all likelihood, a firm owned by the promoters — the Sinha family — or their associates.

It is understood that the promoters of Jenson owned all the OCBs that held shares in Jenson and the holding was consolidated through this deal.

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