Temptation Foods cuts stake in Kohinoor

    Temptation Foods cuts stake in Kohinoor

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    Kohinoor Foods has informed the BSE that Temptation Foods has sold around 5.82 lakh shares or 2.06 per cent of voting rights in Kohinoor recently and after this sell-off Temptation’s holding has come down to 3.57 per cent in Kohinoor.

    Last year, Kohinoor Foods, packed basmati rice marketer, had accused Mumbai-based Temptation Foods of leading a consortium of 45 other entities that had covertly acquired a shareholding of almost 30 per cent in Kohinoor Foods.

    It had also alleged that the acquisition was in violation of the SEBI takeover regulation, which mandated public disclosures.

    CLB reportedly in an interim order had suspended voting rights of the shares bought.
    Temptation Foods made a declaration to the exchanges on December 23, 2008 that it acquired 31.81 lakh shares (11.98 per cent) of Kohinoor Foods and that Venture Business Advisors, promoter of Temptation Foods, acquired 4.54 lakh shares (1.71 per cent) aggregating to 13.69 er cent.

    SEBI finally in March this year disposed of the proceedings against Temptation.
    SEBI had found that the Kohinoor shares, acquired by Temptation and Venture Business, were pledged with a financier.

    Kohinoor Foods’ shares closed at Rs 53.10, down 0.84 per cent on the BSE. The Temptation Foods stock closed at 40.30, down 1.47 per cent.

    — IndiaRetailing Bureau