C K Birla group reduces stake in Orient Paper
Goes in for a re-classification of share holding
The C K Birla group, promoter of Orient Paper & Industries Ltd., has pared its stake by 10 percent in the second half of 2001-02. According to a disclosure by Orient Paper to the stock exchanges, the reduction in promoters holding was following a re-classification of share holding of various Birla educational trusts. Industry watchers say that the reduction in stake by the promoters from 44.2 percent on September 30, 2001 to 34.4 percent on March 31, 2002 was possibly the highest among corporate’s last year. However, the rationale behind the re-classification was not clear and none were available for comments.
