All in the family | Outlook Business
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All in the family
Ness Wadia has been increasing his personal stake Dyeing & Manufacturing

Team Outlook Business

Jeh Wadia had taken over the reins at Bombay Dyeing & Manufacturing as managing director in March 2011 but elder brother Ness Wadia has been increasing his personal stake in the company since 2011. From 0.07% stake in September 2011, Ness, who had stepped down as joint managing director of the company following Jeh’s elevation, has increased his stake to 0.42% as of December 2012. His latest acquisition, comprising 83,000 shares, has come at an average price of ₹100 a share. Incidentally, mother Maureen Wadia, too, bought ₹14,500 shares around ₹100. In fact, the promoter family has been increasing its stake since 2010, from 40% to 52% as on date. The share price of the company slipped 8% on February 6 over reports that the Maharashtra government had not given its official approval to modify its development proposal for a mill land in Mumbai. Besides, the company slipped into the red in Q3FY13 with a loss of ₹27 crore. Looks like the Wadia family is making the most of adverse market sentiment to crank up their holdings

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