As many as 5.95 million shares, representing 9.75 per cent of the total holding of school and office stationary maker Camlin changed hands today on the Bombay Stock Exchange (BSE) amid rumours of a stake sale by the promoters of the firm.
The buyer was Golden Oak (Mauritius) Ltd, which coughed up Rs 31 crore for the stake, while the seller was Kent Resorts Pvt Ltd.
Chairman & Managing Director, Camlin Ltd, Dilip Dandekar denied the promoter family had anything to do with the transaction. “We have not sold stake. We are committed to the company and have no plans to exit,” he said.
Camlin closed the third quarter of the current financial year with a net loss of Rs 63 lakh against sales of Rs 69.25 crore. In the second and first quarters of the current financial year, the company’s net profit was Rs 89 lakh and Rs 9.53 crore, respectively against sales of Rs 79 crore and Rs 121 crore.
The Dandekars, who are the promoters, holds a 38.19 per cent stake in Camlin, while foreign institutional investors hold 3.05 per cent, and allied investors, 58.75 per cent. Among the allied investors is Anil Singhvi’s Anagha Advisors, which holds close to a 10 per cent stake in the firm. The stock of Camlin was up 3.6 per cent on the BSE.