Birla to raise promoters' stake in group firms

Kolkata, June 27

BK Birla Group of Companies will increase the promoters' stake in group firms like Mangalam Cement, Century Enka and Kesoram to around 50 percent in a few years, chairman Basant Kumar Birla said here Saturday.

"It is desirable to increase promoter holding in group companies to half (50 percent) of company shares where we have low holdings," Birla said on the sidelines of the annual general meeting of Century Enka.

The Birla family owns companies with varying degrees of promoters' holdings. It has 40.32 percent stake in Century Textiles and Industries, 26.36 percent in Kesoram Industries, 41.86 percent in Jayshree Tea and Industries and 24.5 percent in Century Enka.

"We would be increasing our stakes by around 5 percent every year in such companies," Birla said.

On Friday, the 88-year old group chairman announced that after his retirement, his grandson Kumar Mangalam Birla would take charge of Kesoram.

While most of the group companies would go to Kumar Mangalam Birla, "three to four" firms would go to his daughters Manjushree Khaitan and Jayshree Mohta and grand daughter Vidula Jalan, he said.

Last updated on Jun 27^th, 2009 at 15:28 pm IST--IANS

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