Financial Daily from THE HINDU group of publications
Wednesday, Aug 04, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 04, 2004 |
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Markets
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Stock Markets Money & Banking - Stocks Girish Gelli offloads 8.49 lakh shares of Global Trust Bank Jayanta Mallick
Kolkata , Aug 3 THE National Stock Exchange has announced that Mr Girish Gelli, one of the family member of Mr Ramesh Gelli, former chairman and managing director of Global Trust Bank (GTB stock), has sold off 8,49,238 GTB shares. The GTB stock, which has been put on trade-to-trade segment that makes delivery of shares compulsory, has been seeing huge volumes after RBI proposed a merger of GTB with Oriental Bank of Commerce. The draft merger scheme does not provide for any share swap and clearly lays down that after meeting all the liabilities if any residual value remains then the claim of the shareholders might be considered. According to a senior RBI official, "there could be a value left for shareholders even after the merger if only all the NPAs of GTB could be recovered. RBI has given all the information about the bank's financials. A buyer of the stock is assumed to be taking informed judgment on the stock's current value".
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