Ciesot divests half of its holding in Ceylinco Insurance?

15 May 2015 05:17 am - 0     - {{hitsCtrl.values.hits}}

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-India’s Shriram features among buyers: sources

Ciesot (Private) Limited, an employee share ownership trust of Ceylinco Insurance is believed to have divested over 2.2 million shares amounting to nearly half of its total holding in the company in a Rs.3.5 billion deal.
According to market sources, it was speculated that the largest chunk of shares amounting to 1.26 million, roughly around 6.3 percent would have been bought by Shriram City Union Finance Ltd, a Chennai-based non-banking finance company and a part of Shriram Group.  Another 400, 000 shares were believed to have picked up by the number three shareholder of Ceylinco Insurance, Banque Pictet & Cie SA. This purchase of shares would have increased Banque Pictet’s holding by 2 percent to nearly 13 percent.
 The shares were purchased at Rs.1602 per each.  The rest of the shares amounting to over 2 percent were believed to have purchased by two local investors. 
 Interestingly, Global Rubber Industries (GRI), the second single largest shareholder of Ceylinco Insurance does not feature among the buyers.
 GRI and its associates collectively hold over 29 percent of Ceylinco Insurance, little less than the mandatory offer triggering point of 30 percent. Ceylinco Insurance in a previous statement said, once Ciesot is dissolved, the money will be distributed among the eligible current and ex-employees.
 Ciesot divests half
 GRI and its associates collectively hold over 29 percent of Ceylinco Insurance, little less than the mandatory offer triggering point of 30 percent.
 Ceylinco Insurance in a previous statement said, once Ciesot is dissolved, the money will be distributed among the eligible current and ex-employees.

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