Gokaldas Exports jumps 14% on SEBI, Blackstore tussle

Gokaldas Exports , one of the largest apparel exporter in India, surged as much as 14.37 percent to touch an intraday high of Rs 73.60 on Monday as capital market regulator was against reclassification of Hindujas as non-promoters in Gokaldas.

Business Standard reported that the Securities and Exchange Board of India (Sebi) has objected to a plan by Blackstone to reclassify the founders of Gokaldas Exports - the Hinduja family (not related to the London-based Hinduja Group) - as public shareholders, instead of promoters.

The report says, "The US-based private equity major wanted to take the reclassification route to comply with the 25 per cent public shareholding requirement."

As of September 2012, Blackstone FP Capital Partners Mauritius holds 67.27 percent stake in the company while Hinduja family owns 20 percent stake.

At 10:29 hours IST, the stock rose 11.42 percent to Rs 71.70 amid large volumes on the Bombay Stock Exchange.