INSUBCONTINENT EXCLUSIVE:
sixty million outstanding shares, representing 4.29% of the equity, at a maximum price of Rs 1,500 a share.
Some equity market experts also
The company had Rs 8,700 crore in standalone cash and cash equivalents, and Rs 17,500 crore on a consolidated basis as of end-March.
LT has
faced, resisted, and succeeded in retaining its ownership twice in the past when the undivided Reliance Industries and later Grasim made
attempts to take over the company
LT has no promoter; Life Insurance Corporation is its biggest shareholder
LIC, Specified Undertaking of the Unit Trust of India and LT Employees Welfare Foundation together own little less than 35% in the company,
criticised by former employee and shareholder Uday Dikshit for wrongfully diverting land in Powai to commercial residential projects
The mood at the AGM became tense when some other former employees joined in and started shouting
Another shareholder complained that while employees like him were asked to opt for Voluntary Retirement Scheme at the age of 50, why was
Naik, now 75, still at the helm of the company.
While former employees have in the past raised issues at AGMs, in a first, some shareholders
demanded an answer to the questions raised by the former employees
out).
Subrahmanyan pacified shareholders by telling them that due process was followed in every decision taken by the company.
