Kopran promoters, FIs, banks offload 18% stake in company

Mumbai: The promoters of the domestic pharmaceutical company Kopran, financial institutions (FIs) and banks offloaded around 18-per cent stake in the company during the quarter ended 30 September 2002.

As per the data provided by the Bombay Stock Exchange, the Parijat group (the Indian promoters) offloaded 13.11-per cent stake in Kopran, while the FIs and banks reduced their exposure in the company by 3.5 per cent during the last quarter.

The promoters’ move was based on a Rs 28-crore rights issue offered to the existing shareholders of the company. The Parijat group, which had 50.43-per cent stake Kopran as on 1 July 2002, reduced its exposure to 37.92 per cent as on 30 September 2002. Similarly, the FIs and banks, which controlled a 13.22-per cent stake in the company, reduced their holdings by 9.71 per cent.

Following the rights issue, the public shareholding in the company has gone up to 35.37 per cent from the earlier 24.41 per cent. The holdings of the private corporate bodies have also increased to 16.59 per cent compared to the 8.38-per cent held in the beginning of July 2002.

Kopran’s issued share capital will increase by 50 per cent to Rs 85.30 crore. The company had sold its leading brand Aten to Zydus Cadila for around Rs 92 crore to ease its debt burden. Kopran’s move to go for the Rs 28-crore rights issue programme was to mobilise the remaining funds to part-finance the debt and other expansion activities.