Aarti promoters mull giving Rs 200 crore shares for charity

NEW DELHI: Promoters of Aarti Industries are exploring possibility of setting aside about 40 lakh shares, worth Rs 200 crore at the current market price, for charitable and philanthropic purpose.

"Promoters of the company have indicated that they are exploring possibility to set aside approximately 40 lac equity shares (Rs. 5/- each fully paid up) held in the Company for charitable/philanthropic purpose," Aarti Industries said in a regulatory filing.

As per the stock exchange data, the promoters at present holds 4,56,55,398 shares equivalent to 54.79 per cent stake in the company.

The company's share price today increased by 0.62 per cent to close at Rs 500.50 apiece on the BSE. Its market cap stood at Rs 4,170.19 crore.

The company has 16 manufacturing units spread across Gujarat and Maharashtra and a strong research and development with sophisticated instruments and pool of scientists.

Chandrakant Gogri is Chairman Emeritus of the company. Rajendra V.Gogri is Chairman and Managing Director of the company, says the company website.