Promoters hike stake in BSL, HEG as Sardas prepare takeover

New Delhi, June 18: promoters have increased their stakes in two Bhilwara group companies - BSL and HEG - over the last few months even as the sardas of Kolkata ponder whether to mount a hostile takeover bid for majority stake in BSL limited.

New Delhi, June 18: promoters have increased their
stakes in two Bhilwara group companies - BSL and HEG - over
the last few months even as the sardas of Kolkata ponder
whether to mount a hostile takeover bid for majority stake in
BSL limited.

The Churiwal and Jhunjhunwala families, which have
together promoted textile major BSL, have increased their
stake by over three per cent to 34.32 per cent by March 31
this year even as sardas claim to have acquired about 12 per
cent stake in the company via Kolmak Chemicals and are now
planning acquisition of another 20 per cent via an open offer.

When contacted, BSL managing director Ravi Jhunjhunwala
confirmed that promoter stake had indeed been increased by
3.07 per cent to 34.32 per cent in BSL over the last few
months but declined to confirm whether this stake had been
increased via creeping acquisition.

Asked if the promoters were still buying BSL Scrips from
the open market, Jhunjhunwala declined to comment.

Also, promoter stake has been increased to 53.68 per cent
in Heg Ltd from 51.38 per cent as on March 31, 2001. The stake
of Indian public has also shot up to 21.26 per cent from 13.17
per cent last fiscal.

As per stock exchange data, promoter companies which hold
a stake in BSL include Churiwal Properties & Investments Pvt
Ltd (1.72), Arun Kumar Churiwal (1.69) and Sant Kumar
Jhunjhunwala (1.06) and Lnj Financial Services (2.09).

Bureau Report

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