KOCHI: The managing director of V-Guard Industries Ltd, Mithun K Chittilappilly, is set to raise his holding in the company substantially from the current 16.86 per cent to 25.18 per cent by acquiring 3.56 crore shares from Sheela Grace Kochouseph.
With the transaction, the shareholding of Sheela Kochouseph Grace will drop from the current 4.64 crore shares (10.87 per cent) to 2.56 per cent.
A major shuffling of shareholding within the promoter group founded by the illustrious Kouchouseph Chittilappilly more than four decades ago, will also see Mithun relinquishing his entire interest in Wonderla Holidays Ltd, another group company.
As per a statement in this regard by the company, Mithun will be transferring 62.70 lakh shares or 11.09 per cent held by him in Wonderla Holidays in favour of Sheela Grace, thus taking the latter’s holding in Wonderla to 1.22 crore shares or 21.61 per cent.
The filings with the stock markets stated that the transactions will be concluded on December 27, 2019. Since both these transactions are inter-se, between immediate relatives, who are the members of the same promoter group, cash consideration will not be involved in the said deals.
Despite the major share acquisition plan by Mithun in V-Guard, the leader in voltage stabilisers, Kochouseph will continue to be the largest shareholder with about 26.5 per cent in the company that had gone public in 2008.
In another major move recently, Kochouseph Chittilappilly had sold 51.20 lakh shares or 1.2 per cent in V-Guard Industries through an open market transactlon in order to raise about Rs110 crore to be spent on social activities and other similar projects,
According to available data on the shareholding in the group companies, Arun Chittilappilly, another member from the family, holds about 7.34 per cent in Wonderla and 8.68 per cent in V-Guard Industries. While the promoter group controls V-Guard with just over 64 per cent, the holding in Wonderla by the promoters is close to 70 per cent.