In an interview with CNBC-TV18, Dilip Dandekar, CMD of Camlin denied rumours about Ambit Capital buying stake in company.
He said the promoters are fully supporting the organization to grow and there is no question of diluting the shareholdings. Below is the verbatim transcript of Dandekar's interview with CNBC-TV18's Gautam Broker and Reema Tendulkar. Also watch the accompanying video. Q: About 10% of equity at Camlin has exchanged hands today and if you look at the shareholding Anagha Advisors LLP has a 9.8% stake in Camlin. So can we infer that it could be another advisors that sold out its stake today? A: No. Let me make it very clear that the Dandekar family is the promoters shareholder and there is no question that promoters shareholders can think of diluting their shareholding. This rumor has to be removed completely. Anil Singhvi who is a board member has always done things in the interest of the company. Initially also, 20% foreign institutional investors (FII) investments were there and number of times these deals have happened. So, whatever has happened has nothing to do with the promoters. Q: There have been some rumors doing a round that Ambit Capital is looking to pick up a majority stake in Camlin and the promoters would be looking to sell out. While today's deal may not have happened clearly between the promoters and any other potential party, do you confirm that the Camlin promoters are not in talks with any other entities for a possible stake sell? A: In the last three years Camlin has turned around with a strong support . The entire family is backing this and the promoters are fully supporting the organization to grow. There is no question of any promoters thinking of diluting the shareholdings. Q: But 9.6% is a very large stake which has changed hands, perhaps someone would have come to you to ask if any single entity want to exit such a large position they would have come to the management and asked, we're looking to sell and is the promoter interested in buying, any kind of communication that you have had with your investors? A: Absolutely, there is no communication. We neither involved nor interested in this. Q: You are not even interested in upping your own stake if some investor is looking to sell? A: There is no thought in anybody's mind about that. We are happy with what is happening right now. Q: Taking a point further, you are holding in the company about 38% right now, if the majority stake as you said is 20% holding with the foreign institutional investors, if anyone tries to corner your stake, wouldnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
