Promoters pare BSES stake by 5.67%

Promoters' holding in BSES has dropped by 5.67 per cent to 52.55 per cent over the last quarter.

The shareholding pattern filed with the stock exchanges indicates that between October and December, the holding of Reliance Power Ventures has come down from 38.50 per cent to 34.71 per cent and that of Reliance Industrial Investment and Holdings has dipped from 9.89 per cent to 8.91 per cent. The stakes of Reliance Capital and Reliance Industries have also come down marginally.

The promoters' holding has come down primarily due to the expansion of equity. The total number of shares has increased from 13 crore shares to 15 crore shares.

While promoters' stake has come down, the holding of The Bank of New York, the despository for GDR holders, has increased from 1.40 per cent to 9.40 per cent.

Market sources said that the committee of directors of the company on November 7 allotted 1,50,00,339 underlying equity shares for issuance of 50,00,113 global depository receipts arising out of the conversion of foreign currency convertible bonds issued by the company in October 2002.

The company last month signed an agreement with The Bank of New York whereby international investors can avail two-way fungibility of GDRs.