MUMBAI, July 19: Amitabh Bachchan has divested his holding in Mumbai-based drug company Makers Laboratories Ltd in what is seen as yet another move by the Big B to move out of non-core businesses. The Bachchan family, along with certain investment companies, held about 9 per cent equity in Makers Labs. The move comes close on the heels of the Bachchans' proposed divestment of equity in yet another pharmaceutical company, Ipca Laboratories.

The Bachchans have divested their holding to the co-promoters of Makers Labs, Premchand Godha, MR Chandurkar and their associate companies, in an "inter-se transfer of shares". The transfer transactions are being done at par and there is no change in the management of the company. Godha is currently chairman of Makers Labs.

Company officials said that the holding of the promoters (sans the Bachchans) will now go up to about 62 per cent, taking into account a recently completed rights issue made at par. The figure includes the unsubscribed portion of rights issue which was taken up by the promoters. The Makers Labs stock has been quoting a price of Rs 8 on the Bombay Stock Exchange. The post rights equity of Makers Labs stands at Rs 2.17 crore.

Godha and Chandurkar, incidentally, are also co-promoters of Ipca Laboratories and hold 18 per cent equity each in the company.

Under the current transaction in Makers Labs, Amitabh Bachchan, Jaya Bachchan, Shwetha Bachchan, Abhishek Bachchan, along with investment companies Lotus Investments and Tansy Investments Pvt Ltd, are transferring about 1,86,400 equity shares at Rs 10 each to the co-promoters.

The shares are being transferred to Win Laboratories (promoted by Godha and Chandurkar), Exon Laboratories (in which the duo control over 40 per cent equity), Nirmal Jain (Godha's relative) and Premchand Godha himself. The move, analysts say, is bound to arouse speculation of a possible merger of Ipca and Makers Labs, a move denied by management officials of both companies.

The Rs 9.7-crore Makers Labs manufactures a range of formulations and intermediates at its two facilities at Palghar and Dombivili in Thane district of Maharashtra.

Meanwhile, senior Ipca management officials also said Godha was keen on picking up 1 per cent to 2 per cent of the Bachchans equity in Ipca. "But we do not have the funds for the entire 36 per cent the Bachchans are divesting," management officials added.

Ipca has also been sanctioned a $10-million external commercial borrowing by the State Bank of India which would be used to repay certain long-term borrowings and for meeting working capital requirements.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.