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Tuesday, Jul 09, 2002

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Promoters cut stake in Geodesic

K.S. Badri Narayanan

CHENNAI, July 8

THE promoters of the Geodesic Information Systems have offloaded about 6.88 per cent in the company during the quarter ended June 30, 2002.

According to the information available with the BSE, the promoters reduced their stake from 55.34 per cent at the end of March 31, 2002 to 48.46 per cent. This means they have sold close to 3 lakh shares in the market.

The stock price, interestingly, witnessed a firm trend during the same period, though the market players attributed the rise in the stock price to the company entering into a deal with the US-based Rivercode (an ASP). Incidentally, the stock hit a new 52-week high of Rs 108 on Monday on the BSE.

It was not just the promoters of the company who sold during the previous quarter. Banks/FIs/Insurance companies sold their entire 3.75 per cent (1.50 lakh shares) in the company. Retail investors also took some profits from the current rally, selling 2.58 per cent of their 25 per cent stake in the company.

So, who bought the shares from the retail investors, banks and FIs? Mutual Funds, FIIs and Private Corporate Bodies (PCB), of course! Mutual funds (including UTI) and FIIs, which had no exposure in the company, now appear in the company's shareholders' list.

The local institutions picked up a nominal 0.75 per cent (32017 shares) while FIIs bought 3.65 per cent (1.56 lakh shares) stake in the company.

The PCBs piled up close to nine per cent in the company; their holding now stands at 23.4 per cent as against 14.08 per cent.

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