The Hindu : Business : Kalpathis reduce stake in Scandent

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Friday, Jun 10, 2005

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Business

Kalpathis reduce stake in Scandent

Special Correspondent

SSI may sell remaining stake in Aptech

CHENNAI: The Kalpathi family, which promoted SSI Ltd., has further reduced its stake in Scandent Solutions Corporations Ltd. by selling 12 lakh shares to an unidentified institutional investor. Following the sale, the holdings of Kalpathis in Scandent have come down to around 3.65 per cent.

The Kalpathi family got 13 per cent stake in Scandent when the technology business of SSI was hived off into a separate entity and subsequently merged with Ramesh Vangal-promoted Scandent. Post-amalgamation, SSI itself had been allotted 3.66 per cent stake in Scandent.

Recently, the Kalpathis had sold 15 lakh shares (around 5.22 per cent of their holdings) at a price of Rs. 180 per share of the face value of Rs. 10 each. With the latest sale of 12 lakh shares, their holding had further come down to 3.65 per cent. According to informed sources, the latest sale was done at a price of around Rs. 190 per share. Scandent has a capital base of Rs. 28.73 crore.

The move to pare their holdings in Scandent comes close on the heals of SSI reducing its stake in Aptech, an IT education and training company, to 15.60 per cent from 25.75 per cent by selling 34 lakh shares to financial institutions/investors. The sale had fetched SSI a net realisation of around Rs. 17.50 crore.

Suresh Kalpathi, Chairman of SSI, had indicated to this correspondent that SSI would also explore the option of placing its remaining stake in Aptech with private investors.

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