Kochi: M A Yusuff Ali, the managing director of UAE-basedEMKE Group, has raised his stake in Cochin International Airport Ltd (CIAL) on Monday by acquiring 5 lakhCIAL shares held by Thrissur-basedDhanlaxmi Bank Ltd.
With this purchase, the CIAL shares held by Ali and his immediate family members will increase to 9.37% from the current 9.21%. This represents 2.87 crore of the total 30.6 crore CIAL shares.
The deal is worth Rs 10 crore, Ali revealed. "There was a Reserve Bank of India regulatory requirement which forced Dhanlaxmi Bank to sell 5 lakh shares of CIAL and I bought them a couple of days ago," he said from his Abu Dhabi office.
Ali's wife Shabira Yusuff Ali holds 44 lakh CIAL shares and his daughter Shifa controls 5 lakh shares. According to CIAL's annual report, other major shareholders are Kerala government with 32.24%, N V George with 11.89% and Synthite Industries Ltd with 8.16%.
28/03/13 Shenoy Karun/Times of India
