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Promoters lower SRF stake

New Delhi, Aug. 22 (PTI): Even as SRF Ltd is undergoing massive restructuring and is scouting for acquisitions to fuel growth, its promoters have been reducing their hold over the company by about 3 per cent to bring their total stake down to 23.89 per cent on June 30.

The company’s promoters including Arun Bharat Ram and associates, have been offloading their stake from 26.43 per cent in June last year. DCM Shriram Consolidated has offloaded about 2 per cent in the company to 1.1 per cent on June 30 this year, as per information available with the stock exchanges.

Despite repeated attempts, Ram, who is the vice-chairman for 2001-02 could not be contacted for comments.

Even as the promoters reduced their stake, the company has been restructured with the demerger of three smaller businesses —polyester films, engineering plastics and fishnet twines, besides creation of a new company called SRF Polymers.

It is now eyeing acquisitions. “To consolidate its position in the Asian market, the company is seeking to acquire nylon tyre cord capacities in the region. Simultaneously, it seeks to capitalise on the India advantage by entering knowledge-based business areas,” Ram said in the company’s latest annual report.

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