Arihant Superstructures promoters raise stake through rights

MUMBAI: The promoters of Navi Mumbai-based realty company Arihant Superstructures have raised their stake in the company through a rights issue which closed recently. Post-issue, the promoters' stake has risen to 73.9% from 71.9% stake as on March 31, 2011.

Arihant Superstructures offered rights in the ratio of one share for every two held by its shareholders, at a price of Rs 12 each. The issue closed on May 25, 2012. On Wednesday, the stock gained 2% to Rs 38, quoting over 200% higher than the rights price.

According to merchant bankers, the promoters would have acquired part of the unsubscribed portion in the rights issues, resulting into an increase in their stake in the company. Most of the rights issues that hit the market in last one year or so, have failed to receive positive response from the public shareholders, prompting their promoters to put in own money to buy the unsubscribed shares, said the bankers.

Apart from Arihant Superstructures, the list of the companies announcing rights issue so far in the current year, included Fame India, Gayatri Projects and EPC Inds, among a few notable examples. The promoters of Fame India -- Inox Leisure and the group companies -- raised their stake significantly from 50.2% to 73.1% through the rights.