SK BIRLA GROUP BUYS 3.6% EXTRA IN DIGJAM

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SK BIRLA group has acquired 3.6% additional stake in Digjam from Asset Reconstruction Co (Arcil) taking its holding to 30.4%. Loss-making Digjam, formerly known as Birla VXL, manufacturers fabric for suits and casual wear and exports over half of its production.

   When contacted, Digjam chairman SK Birla confirmed the development and said the group is open to pick up more stake in the open market under market regulator Sebi rules.

   Under Sebi’s creeping acquisition norms, promoters can hike holding by up to 5% stake through market purchase in a year without having to come out with an open offer to buy shares from the public.

   The promoters picked stake sold by Arcil through bulk deals at the stock exchange at a price of Rs 11.03. Digjam scrip rose marginally to close at Rs 11.24, valuing the firm at Rs 77 crore.

   Meanwhile, Arcil that was the single largest shareholder in the textile firm holding 27% stake as of December 31, 2009, has sold more than half of its stake through open market sales over the last 10 days. Arcil picked up shares in 2005 as the company was unable to pay its outstanding debt.

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