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The promoters of NTC Industries (originally a Duncan group company, later with the RDB group) are increasing holdings in the company, which owns six cigarette and tobacco product brands as well as a manufacturing licence.
The current promoters' holding stands at 61.463 per cent, up from 58.97 per cent on September 30, 2011. This increase happened through market purchases, using the creeping acquisition route. The last such transaction took place on February 10.
As a result, public holdings have come down in the company, which came into being formally this financial year, beginning April 2011 by virtue of a de-merger and change of name.
Approval for de-merger
The Calcutta High Court approved a scheme of de-merger of RDB Industries on April 12, 2010, making it an exclusive tobacco processing and cigarette manufacturing company.
According to the scheme, the de-merged real estate undertaking, which was transferred to RDB Realty & Infrastructure Ltd, issued one share for every share in the company on June 24, 2010. This left the shareholding pattern unchanged.
Of the total public holding of 38.54 per cent, 9.12 per cent is held by five entities including Maheshwari Plaza Resorts Ltd (2.19 per cent), a Hyderabad-based company and Religare Finvest (1.16 per cent).
Name change
The board of RDB Industries put up a proposal and got the name of the company changed in 2011 through postal ballot. The Registrar of Companies issued a fresh certificate of incorporation consequent to the name change on March 31, 2011. The company shifted its registered office from the city to its factory at Agarpara, near here.
In the nine months to December 31, 2011, the company reported a net loss of Rs 2.26 crore. The cigarette and tobacco company, however, made a modest profit of Rs 91 lakh in the third quarter, indicating a recovery trend. According to observers, after a long period of depressed prices in the stock market, the counter was showing signs of a bottom out.
The stock of NTC Industries on the BSE finished at Rs 19.90, down 2.63 per cent on thin volumes.
jayanta_mallick@thehindu.co.in
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