Promoter group holding 74.13% says it may consider monetising a small part of its stake
Promoter group of Schaeffler India holds 74.13% of paid-up share capital and says it may consider monetising a small part of it.
By ScoutQuest · · 2 min read
- Promoter group holding
- 74.13% of paid-up share capital
- Stated minimum holding intent
- at least two-thirds of shares outstanding
- Nature of communication
- only an expression of intent, not a binding commitment
What the company has passed on
Schaeffler India has informed the exchanges that it received a communication from its promoter group and has placed that letter on record. The letter is addressed to the board of directors of Schaeffler India and is signed by the CEO and the Head of M&A of Schaeffler AG.
Who the promoter group is
The letter names four promoter entities: Schaeffler Schweinfurt Beteiligungs GmbH, Schaeffler Bühl Verwaltungs GmbH, Schaeffler Verwaltungsholding Sechs GmbH, and Industriewerk Schaeffler INA-Ingenieurdienst-, GmbH.
The current holding
The promoter group states that it currently holds 74.13% of the paid-up share capital of Schaeffler India.
What it says it may do
The promoter group says it continues to review its shareholding in the company and may consider monetising a small part of the same. Monetising, in plain terms, means selling a portion of the shares it holds.
The level it says it will stay above
The letter expresses a strong intention to continue as the significant majority shareholder block of the company, representing at least two-thirds of the company's shares outstanding.
Reading the two figures together
- Current stated holding: 74.13% of paid-up share capital.
- Stated intention: remain at or above two-thirds of shares outstanding.
- The distance between the two is the broad room the letter leaves itself for any sale of a "small part".
- Both figures are the promoter group's own words; the first is expressed as a share of paid-up capital and the second as a share of shares outstanding.
The caveat attached
The letter states that it is merely an expression of intent and not a binding commitment. In other words, it is a statement of what the promoter group may consider, and not a confirmed decision to sell.
What investors can take away
- A large majority shareholder has publicly said a partial sale is under review, while also setting out a floor for its holding.
- The communication sets out an intent and a floor, and describes itself as non-binding.
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More numbers
- Promoter group holding in the company74.13%
- Stated minimum holding intentiontwo-thirds
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