ICICI Bank has become a major shareholder of BSE-listed Falcon Tyres, which owns Dunlop India brand, by invoking the pledged shares of promoters.
According to a notification on the BSE, ICICI Bank Singapore has invoked 2.285 crore shares, representing 29.50 per cent stake in the paid-up capital of Falcon Tyres, on December 4. After the invocation, 3.23 lakh shares or 0.42 per cent still remain encumbered with the financial institution.
At the end of September, promoters’ stake in Falcon Tyres stood at 31.62 per cent. Three companies — Suncap Commodities, Regus Impex and Salputri Commerce Pvt Ltd — have significant exposure of 19.60 per cent, 19.60 per cent and 16.80 per cent respectively under the ‘public’ category. These three entities have also sizeable stake in Dunlop India.
Falcon Tyres posted a loss of Rs 9.61 crore for the quarter ended September on standalone basis, as against a profit of Rs 23.68 lakh for the same period last year. Cumulative loss till September stood at Rs 20.51 crore.
On Friday, the Falcon India share closed flat on the BSE at Rs 20.60, while Dunlop India slumped 4.7 per cent to Rs 22.40.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.