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June 14, 2001
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Money > Business Headlines > Report June 14, 2001 |
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VST supports BAT proposal to increase stakeSyed Amin Jafri in Hyderabad The Board of Directors of the VST Industries on Thursday decided to support the British American Tobacco's proposal to increase its stake in the company from the present 32.16 per cent. The board met Thursday afternoon and resolved to support BAT's proposal, VST Industries chairman Abhijit Basu told newsmen minutes after the meeting. He said that while most directors supported the resolution, the government nominee abstained from voting. Replying to a spate of queries, Basu said that BAT has not given any indication as to the quantum of increase in shareholding proposed by it. BAT has also not indicated the route that would be followed for hiking its shareholding in the company. BAT sent a letter to the VST Industries on June 6 indicating its intention to increase its shareholding in the company. However, no details were provided by BAT, the VST chairman explained. To enable it to apply to Foreign Investment Promotion Board for clearance, BAT requires the support of the VST. Moreover, BAT, which also has a 32 per cent stake in ITC, needs the consent of ITC also to invest in VST, which is in the same line of business. The VST chairman parried questions on the takeover bids by Bright Star Investments and Russell Credit. "No comments" was all that he would say, since the matter was "subjudice" with writ petitions pending in the Calcutta and Andhra Pradesh high courts.
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