Mumbai: After wresting control from his feuding brother last year, Gulu Mirchandani, chairman of MIRC Electronics, which owns the iconic brand Onida, is now handing over the reins to the next generation by transferring close to
18 percent of his stake to his two sons.
In a filing to the National Stock Exchange, MIRC said
that Gulu has halved his 35.85 percent stake in the company
by transferring 17.56 percent stake to his two sons. The
announcement follows several rounds of rumours in the past few months of stake sale by Gulu.
April last year, Gulu bought brother Sonu Mirchandani’s
33.3 percent stake in holding company Guvisco for Rs 110
crore. Post-acquisition, Gulus' holding rose to 61.07 percent.
Their brother-in-law Vijay Mansukhani, however, retains
his 33 percent stake in Guvisco.
Around Rs 1,700-crore MIRC manufactures and markets
Onida brand of consumer durables like colour TVs LCDs etc.
According to the filing, Gulu's son Sasha G Mirchandani
has proposed to acquire 1,24,72,800 equity shares representing 8.78 percent of the shares from Gulu. His other other son Kaval Mirchandani has also proposed to acquire 1,24,72,800 equity shares representing an equal 8.78 per cent share.
The mode of proposed acquisitions is by way of Inter
transfer. The date of proposed acquisition is fixed at
November 30 or any date thereafter.
PTI
First Published: Friday, November 27, 2009, 00:32