Merrill
buys 5% in Satnam Overseas
TIMES
NEWS NETWORK[ WEDNESDAY, DECEMBER 17, 2003 12:13:25 AM ]
NEW
DELHI : Merrill Lynch has acquired 10 lakh shares, or 5.1% stake, in
Satnam Overseas, a Delhi-based exporter of basmati rice. All the shares
were purchased from the open market, a senior official of the company
said. Both the basmati exporter and Merrill have informed Sebi about
the deal, the official said.
The
entire bunch of 10 lakh shares were purchased by Merrill on December
10, when the scrip was available at around Rs 79, almost unchanged from
the previous day’s price. Subsequently, the share price moved up to
Rs 84.
The
promoters of Satnam Overseas, the Arora family, hold 69% stake in the
export firm which has diversified into processed foods. The company
has a paid up capital of Rs 19.6 crore. Satnam markets ‘heat & eat’
processed foods, like ‘palak paneer’, under the Kohinoor brand, apart
from premium basmati rice.
In
a statement, Satnam Overseas said that its share in the branded basmati
market in India was 32%. The company had recently launched ‘namkeens’
under the Kohinoor brand.
