ITC chief Deveshwar sells shares worth Rs 5.8 cr
Tobacco-to-consumer goods giant ITC Ltd today said its chief Y C Deveshwar has sold shares worth about Rs 5.8 crore, while two other directors have also sold shares worth about Rs 2.7 crore through the open market.
In a regulatory filing this morning, ITC said that Y C Deveshwar, Chairman and Wholetime Director, has sold about 2.79 lakh shares for about Rs 5.78 crore.
Besides, Wholetime Director K N Grant has also sold 1.25 lakh shares for about Rs 2.58 crore, while 5,000 shares have been sold from the holding of non-executive director S H Khan, held by his dependent (wife) for Rs 10.16 lakh.
As per the regulatory disclosure, Deveshwar held 20.13 lakh shares or about 0.0258 stake in the company, which has declined to 17.34 lakh shares or 0.022 per stake after the the latest sale through stock exchange.
According to data available with the BSE, Deveshwar had sold ITC shares earlier in February also.
There is no promoter holding in ITC and various institutions together hold 51.09% stake, including 16.31% by overseas entities and 34.78% by domestic institutions.
Among major shareholders, Tobacco Manufacturers India Ltd had 25.47 stake, LIC 12.5% and Specified Undertaking Of the Unit Trust Of India (SUUTI) 11.50% holding at the end of last quarter ended December 31, 2011.
ITC shares were trading 1.03% down at Rs 205.06 in a weak market at 11:20 am at the BSE today.