This is the second move of the promoters within a year. The first was the issue of preferential shares to a group company in November 2002 to scale up their shareholding to a comfortable level after a takeover bid by the Mumbai-based Javeris.
IFB Automotive Pvt Ltd, a firm of the Bijon Nag-controlled IFB group, purchased 6.65 lakh shares of IFB Industries, representing 4.99 per cent of the latter
