The promoters of Global Trust Bank (GTB), unfazed by the recent controversies, have reposed their confidence in the new management by raising their holding in the bank.
As per the bank's latest shareholding pattern, the promoters holding has gone up by about 2 per cent to touch 23.79 per cent as on September 30, 2001 compared with 23.62 per cent as on March 31, 2001. In absolute terms, promoters group has acquired 22.23 lakh shares in that period.
The increase in holding mainly came from "other promoters", who hold less than 1 per cent each in the Rs 121.35 crore paid-up capital, while the personal holding of Ramesh Gelli, the founder, main promoter and ex-chairman & managing director of the bank, and his family members remained unchanged.
Also Read
A close associate of the promoters group told Business Standard: " We realise that Gelli has taken market risk to a maximum extent to put the bank on high growth path and that had boomeranged. We also believe that the bank will again gain a momentum with the initiatives taken by the new management team led by R S Hugar."
With regard to other holdings, the institutional holding in the bank during April-September this year came down to 7.23 per cent from 10 per cent. In the institutional category, ICICI Bank seems to have unwound its 1.46 per cent holding in GTB.
Among private corporates, Vidyut Investments Ltd, a wholly-owned subsidiary of Ranbaxy, continues to hold 3.08 per cent stake in GTB. Vidyut Investments was also hit by controversy over its involvement in the alleged nexus between GTB and stock broker Ketan Parekh.