Financial Daily from THE HINDU group of publications
Tuesday, Dec 31, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 31, 2002 |
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Mergers & Acquisitions Corporate - Mergers & Acquisitions Oppenheimer buys 12.6% stake in SB&T Our Bureau
MUMBAI, Dec. 30 OPPENHEIMER Funds has acquired from the market 16.98 lakh equity shares of jewellery manufacturer SB&T International, representing 12.58 per cent of the company's capital, an official statement said. "Leading institutional investors have shown a keen interest in SB&T in the past three months. Alliance Mutual and Canbank Mutual Fund have each picked up approximately four per cent in the equity of the company. With Deutsche Bank holding close to 10 per cent of SB&T's equity, the total holding by institutional investors is now 27 per cent," it said. SB&T, promoted by the Sethi family, is among the leading jewellery manufacturing companies in India and has a retail chain of stores in West Asia. Two years back, it acquired Soft Touch Jewellers LLC, Dubai, growing since from two stores to a chain of 15 retail outlets. For the six months ended September 30, 2002, SB&T posted a 36 per cent rise in profits to Rs 3.36 crore and 18 per cent rise in turnover to Rs 57.33 crore, the statement said. Made through the India Fund Inc, Oppenheimer's stake-holding in SB&T is among its first substantial investments in Indian mid-cap companies. Its earlier investments include NIIT, Zee and United Breweries.
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