The Gujarat Samachar group has mopped up an additional two lakh shares of diversified Tata group company Voltas in the "last few days", thereby hiking its stake to 14 per cent.
Group chairman Bahubali Shah said today that the group has increased its holding in Voltas by another two lakh shares in the last few days, taking its holding to 46 lakh shares now. This translates into holding 14 per cent of the Volats equity capital.
Shah said: "Our target is to reach 49 lakh shares and then the board would meet to decide on what to do next. We are clear that we will take a decision only after we reach this target."
The current equity capital of Voltas is Rs 33 crore and a holding of 49 lakh shares would translate to a slightly under 15 per cent.
The board of Gujarat Samachar, the Ahmedabad-based publishing house, is yet to meet and take a decision on the next course of action on its holding in Voltas. One of the options it was weighing is a possible open offer for Voltas, Shah has earlier said.
The board of Gujarat was earlier scheduled to meet on September 19 but the meet has now been postponed.
The takeover code requires companies to make a mandatory open offer after reaching the 15 per cent limit for non-promoters. The Tatas, the promoters of Voltas, have just over 20 per cent holding in Voltas and is also planning to increase their holding through the creeping acquisition route.
The Gujarat Samachar group is a cash-rich group with accumulated profits of Rs. 200 crore over the last three years and bank deposits of about Rs 140 crore. The group therefore does not lack the financial muscle necessary in the event of an open offer having to be made.
