Mumbai: June 19, The shareholding of ICICI Prudential Mutual Fund in Tata Chemicals (TCL) has crossed 5% equity capital of the company. A disclosure in this respect was made by the fund house in a communication sent to the stock exchanges where the shares of TCL are listed.
Following certain buying-selling activity in some of the schemes of the fund house, the equity holding of the fund house crossed the statutory limit of 5% on Friday last, which required mandatory disclosure under Substantial Acquisition of Shares and Takeover (SAST) Regulations framed by the market regulator Securities and Exchange Board of India (Sebi). Accordingly, both BSE and NSE were informed about this action where TCL shares are listed.
ICICI Prudential Asset Management Company (AMC) has 17 different schemes under various categories in, which it holds 1.28 crore shares of TCL, which amounts to 5.01% of the company’s equity capital. As per the Sebi SAST Regulations, every investor including the institutional investors like MFs are required to make a disclosure to the exchanges once their holding in the listed entity crosses 5 % limit of the capital. As per the regulatory requirement, no institutional investor is allowed to hold beyond 10% of the equity capital of any listed entity, said a senior official from the MF sector.
Tata Chemicals is one of the blue-chip companies from the Tata stable, where promoter holds 30.63% of the company while the public shareholding is 69.37%. Of the public shareholding, the Institutional holding is 47.49%. The foreign portfolio investors hold 10.09%, insurance companies hold 15% and MFs hold 22.40% equity while the retail investors hold 21.40% of the remaining equity, as on March 31, 2019.
TCL share on Tuesday ended with a marginal gain of Rs 0.35 (0.05 %) to close at Rs 621.55.