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MUMBAI, June 13

ALLIANCE Capital Mutual Fund acquired around 10.77 lakh shares of safety match manufacturer Wimco during May. These shares have been bought for its Alliance Equity Fund.

As on May 31, the fund shows a market value of Rs 3.05 crore. On the last day of the month, Wimco closed at Rs 28.30 on the BSE. The number of shares held by the fund has been calculated based on the closing price on May 31. The stock rose from Rs 9 to around Rs 30 during May.

In today's trading, Wimco ended at Rs 34.90, up 1 per cent with volumes of 1.12 lakh shares on the BSE. On the NSE, it closed at Rs 34.95, up 2.04 per cent with volumes of 7.09 lakh shares.

Market sources said that the fund would have easily made around 75-100 per cent gains in a short period.

The whole issue gains importance as SEBI last week directed Swedish Match AB to make an open offer to the shareholders of Wimco for 20 per cent shares. As per the SEBI direction, the MNC has to make open offer at Rs 35 per share and also have to pay interest rate at 15 per cent per annum on the offer price to the shareholders for the loss of interest caused from January 27, 2001 till the actual payment.

There has been talk in the market on the possibility of open offer from the Swedish Match AB even before the SEBI order.

Asked on the rise in the share price before the order, the SEBI Chairman, Mr G.N. Bajpai said "he was not aware of the issue and would look into the matter."

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