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The shareholding pattern of the company does not clearly indicate the promoters' individual holdings. On September 30, the promoters held 32.2 million, representing a 44.12 per cent stake.
Of this, Jeewan Ltd held 5.04 per cent, Fusion Investment & Financial, 1.13 per cent, Bajaj Auto, 2.74 per cent, and Jamnalal Sons, 28.22 per cent.
Jeewan Ltd is a 50:50 venture between the two families. Bajaj Auto and Jamnalal Sons are owned by the Bajajs, while Fusion Investment is an investment arm of the Shah family.
When contacted, a Mukand spokesperson confirmed that the Bajaj family had transferred shares in favour of the Shah family. But she declined to comment on the number of shares.
She said a notice of inter se transfer of shares had been sent to the stock exchanges, according to a requirement of the Securities and Exchange Board of India.
"The transfer may be effected on Thursday, after the completion of the notice period," she added. A Sebi law calls for a four-day notice after the completion of an off-market deal for transfer of shares. Going by this, it can be presumed that the deal took place on Friday.
Stock market sources said the Bajajs sold nearly 7.9 million shares, representing a 10.80 per cent stake in Mukand, to the Shahs in an off-market deal last week.
They added that the deal was struck for Rs 12 a share, substantially lower than the ruling market price. The Mukand scrip closed at Rs 86.85 on the Bombay Stock Exchange on Friday, 1.71 per cent lower than Thursday's closing of Rs 87.85.
The spokesperson, however, said she was not aware of the deal value. She added that the price was based on an understanding between the promoters. "All issues related to pricing were addressed," she added.
She said the deal would have no impact on the ownership of the company. Mukand was jointly owned and managed by the Bajajs and the Shahs, and would remain so, she added.
