Kolkata: Days after the RPG group said ownership of its companies was being separated between brothers Harsh V. Goenka and Sanjiv Goenka, three group firms reported in stock market filings on Tuesday transfer of shares between promoter-controlled holding companies, or so called inter-se transfer of shares.
Those that reported stake transfers were Phillips Carbon Black Ltd (PCBL), Zensar Technologies Ltd and Ceat Ltd. Under the Goenka family’s succession plan, the last two are to be controlled by elder brother Harsh V. Goenka; PCBL is to remain under the control of Sanjiv Goenka, who runs the RPG group’s flagship firm CESC Ltd.
The Economic Times (ET) newspaper reported on Friday that the ownership of RPG group firms was being restructured to give the two brothers clear ownership of the firms they have been managing.
Other firms that are to be controlled by Ceat’s vice chairman Harsh V. Goenka are RPG Life Sciences Ltd and KEC International Ltd, while Sanjiv Goenka would run Saregama India Ltd, besides CESC and PCBL, ET had reported. He is vice chairman of all these companies.
On Tuesday, PCBL said one Ujjala Agency Pvt. Ltd, a holding company, had secured 8.24% stake in it through inter-se transfer. In a similar announcement, tyre maker Ceat said holding firm Goodhope Sales Pvt. Ltd had acquired a 12.14% stake from PCBL for Rs26.15 crore—an indication that the transfer was done at book value. Meanwhile, Zensar said one Idea Tracom Pvt. Ltd had acquired 7.17% stake through transfer of shares between promoter group companies.
It isn’t immediately clear who would eventually control Harrisons Malayalam Ltd, a plantation company with interest in tea and rubber, which has substantial investments in the shares of several group companies, and the RPG group’s hotel in Bangalore, which is managed by the Taj group, or the Tata group-controlled Indian Hotels Co. Ltd. The oldest in Bangalore, the hotel sits on a 20-acre plot close to the city’s central business district.