In December quarter, only Radhakishan S Damani had 4.73 percent stake in the company through two accounts (3.39 percent and 1.34 percent).
The stock of India Cements rallied 16 percent intraday on May 15 after Radhakishan Damani and family together raised stake in the company by 15.16 percent in January-March quarter 2020.
The stock gained more than 60 percent year-to-date and the stake buying by Damani is one of the reasons for momentum build up in the stock.
As per the shareholding pattern available on exchanges, Radhakishan S Damani held 10.29 percent stake in the cement maker, while his brother Gopikishan Shivkishan Damani had 8.26 percent and the rest 1.34 percent is held by both together.
Now their total shareholding in India Cements was at 19.89 percent as of March, which was significantly higher compared to 4.73 percent held in December quarter.
In December quarter, only Radhakishan S Damani had 4.73 percent stake in the company through two accounts (3.39 percent and 1.34 percent).
In fact, Damani has been buying stake in the cement company since the September quarter.
Among others, mutual funds cut their stake in India Cements significantly to 2.7 percent as of March 2020, from 11.10 percent in December quarter.
Sundaram MF held its stake in the company at 2.32 percent (against 2.34 percent QoQ), but Aditya Birla Sun Life and Reliance Capital exited from the stock.
Overall foreign portfolio investors also reduced their shareholding to 12.85 percent (against 14.57 percent earlier) in March quarter, but ELM Park Fund raised to 5.33 percent (from 5.12 percent earlier QoQ) and Dovetail India Fund Class 11 Shares bought 1.02 percent stake during the quarter.Moneycontrol Virtual Summit presents 'The Future of Indian Industry', powered by Salesforce
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