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Eastern Resin stake in Gesco touches 7.27 pc

Our Bureau

MUMBAI, Aug. 3

EASTERN Resin & Allied Products Ltd today informed the Bombay Stock Exchange that its equity holding in GESCO Corporation Ltd had touched 7.27 per cent.

When contacted, a senior official of GESCO Corporation said the case was not one of fresh share purchase but of a consolidation of already held equity shares into one folio resulting in a spurt in Eastern Resin & Allied Products' shareholding at GESCO Co rporation by 6.17 per cent.

The consolidated shares belonged to Mr Abhishek Dalmia, who had some time back made a hostile bid to acquire GESCO Corporation, the company official said. Asked if Eastern Resin & Allied Products was owned by Mr Dalmia, he said, `` I would presume so.''

The ownership of these shares as also that of Eastern Resin & Allied Products could not be separately confirmed with Mr Dalmia.

Currently, Mahindra & Mahindra Ltd (M&M) and the Sheths together control 63 per cent equity in GESCO Corporation, the balance being held by the public. The company has an equity base of Rs 28.76 crore.

M&M's 2000-2001 annual reports pegs its individual equity share in GESCO Corporation at 43.60 per cent.