‘The objective of purchase is for investment purposes'
ICICI Prudential Mutual Fund and International Opportunities Management Ltd (IOPM) have bought into the equity of dry cell battery maker Eveready Industries India Ltd (EIIL) as a result of which the combined shareholding has now increased to over 5 per cent.
The Fund, under the present regulations, has made the mandatory filing.
The disclosure is needed when, post-acquisition, the holding crosses 5 per cent, 10 per cent or 14 per cent of the total paid-up capital of the target company.
ICICI Prudential and IOPM (which is registered with the SEBI as a sub-account of Prudential Asset Management, Singpaore) now together hold 5.058 per cent.
ICICI Prudential said the objective of its purchase was for investment purposes and not for controlling interest, but it was making this filing under Regulation 7(1) of SEBI's (substantial acquisition of shares and takeovers) Regulation, 1997.
The purchases were through secondary market.
As of March 31, 2011, MFs held 7.95 per cent of EIIL's equity while banks and financial institutions held 5.09 per cent and foreign institutional investors 16.8 per cent.
Public holds 29.3 per cent. The promoters — the B. M. Khaitan group, holds 40.8 per cent.