Pyramid Saimira’s Saminathan to up stake in company

Mumbai: Pyramid Saimira Group chairman PS Saminathan is planning to up his personal stake in the company to 46.89 per cent.

With this, Saminathan’s personal (without his wife and persons acting in concert) holding in PSTL will move upto 46.8891 per cent (1,32,58,575 shares) of the total paid up capital.

Saminathan is planning to acquire 70,45,619 equity shares from N.C. Ravichandran and Nirmal Kotecha. This amounts to 24.9169 per cent stake in the company.

However, Saminathan along with his wife hold around 25 per cent and post the acquisition, their combined stake in the company will stand at 51 per cent.

The proposed acquisition value per share is Rs 200. Currently the company’s shares are valued at Rs 73.30 per share. The stock was 19.97 per cent on the Bombay Stock Exchange from its previous close of Rs 61.10. The share price of the company has fallen drastically from its 52 week high of Rs 551.00.

The mode of proposed acquisition is by way of inter-se transfer and the date of proposed acquisition is from 15 October.