Cresta Fund has divested 5% stake in Assam Company India Limited through market sale for R11.15Cr.
The fund sold 15,488,048 shares of Assam Company at R7.20 on the NSE to Dune Leasing and Finance Ltd. As on Dec 2011, it held 8.72% (27 Mn shares) in the company.
Assam Company was incorporated in March 1977 by taking over the Indian business of six sterling tea companies consequent to the requirement of indianisation of sterling companies. The tea companies were owned by Inchcape family of U.K. through Duncan Macneill Holdings Ltd. (DMHL). They were pioneer among the tea plantation companies in the world.
In 1991, Dr. K. K. Jajodia, a London based NRI and his associates, acquired majority control in DMHL
and are currently the promoters of ACIL. The promoters have interest in tea, real estate, oil & gas and
infrastructure development.
Performance on BSE
In 2006, the Anil Dhirubhai Ambani group-owned Reliance Capital Partners acquired 10.06% stake in the company through a bulk deal from a Jajodia group company.
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