Pricol announces share transfers between promoter family members

CHENNAI: Auto parts maker Pricol has seen its promoter family transfer shares to chairman Vanitha Mohan and MD Vikram Mohan. According to a stock market notification, Pricol promoter Vijay Mohan will give 940,270 shares (or 0.77% stake) of Re 1 each to his wife Vanitha Mohan who is also the chairman of the company. The share transfer will be in the form of a gift between family members. The transaction would happen between March 15 and 19, the company said in its stock exchange notification. Following the transfer, Vanitha Mohan's shareholding in the company will go up from 3.93% to 4.7% whereas Vijay Mohan's shareholding will come down from 9.64% to 8.87%. The share transfer is "without any consideration" said the company statement.The company also notified the exchange that Vikram Mohan, MD, Pricol and son of founder Vijay Mohan, will be the beneficiary of a second tranche of share transfer. In the second transfer, Vijay Mohan will gift 119,5879 shares of Re 1 each to Vikram Mohan while Viren Mohan will gift 190,2402 shares of Pricol of Re 1 each also to Vikram Mohan. The first tranche comprises a stake of 0.98% while the second comprises a stake of 1.56%. This transaction will also happen at the same time as the first and also without any consideration.Around 10 members of the promoter group collectively control more than 36% stake in the company. There is no change in the collective ownership of Pricol due to this share transfer. Last month, Pricol saw some top-level changes when its board accepted the resignation of independent director Suresh Jagannathan. The board also appointed P Krishnamoorthy as chief financial officer and key managerial personnel.