Financial Daily from THE HINDU group of publications
Friday, Feb 07, 2003
Financial Daily from THE HINDU group of publications Friday, Feb 07, 2003 |
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Markets
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Stock Markets Jhunjhunwala has biggest pie in Crisil Virendra Verma
MUMBAI, Feb. 6 STOCKBROKER and investor Mr Rakesh Jhunjhunwala along with his wife Ms Rekha Rakesh Jhunjhunwala are the largest shareholders in Crisil. Mr Jhunjhunwala and his wife together hold 11.04 per cent stake (6,84,685 shares) in the company. Mr Jhunjhunwala's holding exceeds that of ICICI Bank, which has 6,84,039 shares i.e. 11.03 per cent out of the total paid-up capital of Rs 6.23 crore, comprising 62.34 lakh shares of Rs 10 each. When contacted by Business Line, Mr Jhunjhunwala confirmed about his holding in the rating firm. On the rationale for large holding in a single company such as Crisil, he said "the company is professionally managed, leader in its business and has good business". However, Mr Jhunjhunwala said he does not have any plan to takeover the company. "I'm just an investor in the company and has no plans to run the company". A look at the shareholding pattern of Crisil shows that Mr Jhunjhunwala's holding in the company has increased over the last four quarters. At the end of March 2002, his holding was 2.66 per cent. By June-end, the equity holding of Mr Jhunjhunwala and his wife went up to 7.91 per cent. The holding further increased to 8.21 per cent by September 2002 and by December 2002, it was 9.86 per cent. The 11.04 per cent was reached recently when Mr Jhunjhunwala bought shares from the market. Despite the active purchases, the stock of the rating firm moved in a narrow range of Rs 260-350 with the volumes remaining low. Even today, there was hardly any activity in the counter. On the BSE, total shares amounted to 160 shares. On the NSE, volumes were 110 shares. The stock closed at Rs 266, down 0.15 per cent on the BSE. Asked why he bought shares of company with low liquidity, Mr Jhunjhunwala said "in all good companies, volumes come after certain period of time".
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