Date:30/11/2005 URL: http://www.thehindubusinessline.com/2005/11/30/stories/2005113003251500.htm

Back Franklin Templeton largest institutional holder in Pricol

R.Y. Narayanan

Coimbatore , Nov. 29

FRANKLIN Templeton Mutual Fund (FTMF) has emerged as the largest institutional shareholder in Pricol Ltd, with the total stake under various schemes of the fund crossing 9 per cent of Rs 9-crore equity of the company. (Pricol is a dashboard instruments and automotive component manufacturer.)

Pricol has informed the NSE that FTMF under its scheme Franklin India Flexi Cap Fund (FIFCF) has acquired 4,76,898 shares aggregating to 0.53 per cent of its share capital on November 22.

The mode of acquisition was through market purchase.

The shareholding of the fund in Pricol through its various schemes after the said acquisition is as follows — Franklin India Flexi Cap Fund (FIFCF) 40,10,127 shares (4.46 per cent); Franklin India Prima Fund (FIPF) 36,05,448 shares (4.01 per cent); FT India Balanced Fund (FTIBF) 3,50,000 shares (0.39 per cent); Templeton India Pension Plan (TIPP) 1,60,000 shares (0.18 per cent) and Templeton India Children's Asset Plan (TICAP) 6,000 shares (0.01 per cent).

The total shareholding of FTMF under its various schemes after the said acquisition is 81,31,575 shares, aggregating to 9.04 per cent of Pricol's total share capital.

While the Indian promoters hold the largest stake in the company at 36.43 per cent, Pricol's Japanese collaborator DENSO Corportion holds a 12.50 per cent stake.

The shareholding of the Indian public, which was 33.58 per cent at the end of March 31, 2005, has dipped marginally to 31.64 per cent at the end of September.

There has been a near doubling of equity stake by mutual funds/UTI in the first six months of this fiscal in Pricol.

While mutual funds' stake in the equity of Pricol was 6.05 per cent at the end March 31, 2005, at the end of September 2005, the share of MFs in Pricol's equity moved up to 11.14 per cent.

FIIs, banks and Indian financial institutions also hold some stake in the company but the percentage is negligible.

Pricol's shares closed at Rs 44.40 on the BSE and the NSE on Tuesday. While 68,033 shares were traded at the BSE, at the NSE, the volume was higher at 2,14,499 shares (face value of Re 1).