GIDC buys three per cent stake in GACL

GIDC buys three per cent stake in GACL

Last Updated: Sun, Mar 31, 2013 19:50 hrs

Gujarat Industrial Development Corporation (GIDC) has acquired additional 3 per cent stake in the state-run alkali products maker, Gujarat Alkalies & Chemicals Ltd (GACL) through the open market purchase.

In a statement filed with the stock exchanges recently, GIDC - a part of the GACL promoter group, informed that it has acquired 22.64 million shares of GACL or 3.08 per cent stake in the latter on March 25, 2013 through market purchase.

Post the recent share acquisition, the stake of GIDC, which is a government-promoted agency to accelerate industrial development in the state, has increased from 0.268 per cent earlier to 3.348 per cent now.

As on December 2012, promoter holding in GACL is 36.72 per cent, which has remained stable in the past three quarters. However, the foreign institutional investors (FIIs) have increased their holding marginally from 2.43 per cent in quarter ending June 2012, to 2.69 per cent in the quarter ending December 2012.

The public holding, too, has increased from 44.46 per cent in June to 51.42 per cent in December quarter. Domestic institutions hold 9.17 per cent stake in the company.

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