KOCHI: NRI businessman and chairman and managing director of Lulu group M.A. Yusuffali has bought over 71 lakh more shares of Cochin International Airport Limited (CIAL), the company that owns the Cochin international airport, in the last financial year, for an undisclosed amount. The latest purchase takes his holding in the first private airport in the country to 9.73 per cent from 7.8 per cent the previous year, making him the second largest individual shareholder after N.V. George who till the end of last financial year held 11.96 percent of shares.
The annual report of the company for the year 2016-17 released recently reveals that Mr Yusuffali purchased 64,17,967 shares on May 31, 2016 and 7,00,000 shares on February 28, 2017. This takes his total share in the company from 3,01,13,812 numbers to 3,72,31,779 numbers. Another major individual shareholder and then director C.V. Jacob sold his 9,29,977 shares on May 31. The coincidence of the selling and buying by Mr Jacob and Mr Yusuffali on the same day suggests buying by Mr Yusuffali of the shares sold by Mr Jacob.
It is learnt that Mr Yusuffali secured the remaining shares from small shareholders. Sources familiar with the transactions related to CIAL shares indicated that currently the shares with a face value of Rs 10 are privately traded for Rs 200-210. At the rate of Rs 200 per share, Mr Yusuffali would have coughed up over Rs 140 crore for buying over 71 lakh shares. The spokesperson for Yusuffali was unavailable for comments. Government of Kerala holds 32.41 per cent shares in CIAL while Synthile industries has 6.53 per cent and Bharat Petroleum and HUDCO, 3.43 per cent and 3.28 per cent respectively. State Bank of Travancore (now SBI) and Air India Limited have 3.26 percent each.
