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GDR holding in Crest falls to 26 per cent
MUMBAI: Crest Animation Studios has seen a change in its shareholding composition after it raised $5.8 million via global depository receipts (GDRs) early this year.
The GDR holding in Crest has fallen from 42 per cent to 26.3 per cent as higher price in Indian markets provided arbitrage opportunities.
The GDRs were issued at a conversion price of Rs 35 per share. Since then, the market has responded positively and Crest is currently quoting at around Rs 78 per share.
By June, 2004, the GDR holding had fallen marginally to 39.35 per cent. While the foreign institutional investors (FIIs) held 6.57 per cent, mutual funds had 1.45 per cent. But with the stock price surging ahead, mutual funds have shown keen interest in the last two months. There has been an appreciation of over 60 per cent in the stock since 2 August when it was quoting at around Rs 48.75 levels.
“The public holding has gone up. Indian mutual funds have increased their exposure,” says Crest vice-president of corporate strategy and finance Abhay Bhalerao.
The promoters’ holding has gone down since the GDR issue from 32 per cent to 15.6 per cent in the company. However, their stake will go up by 5 per cent, as the warrants get converted in March, 2005.
“The promoters had taken a substantial dilution as they wanted to raise funds to restructure their business and focus wholly on animation,” says Bhalerao.
The proceeds of the GDR were entirely capitalised in the US subsidiary, RichCrest Animation, USA, for expanding operations and developing original animation content. The parent company in India, however, has received close to $5 million as outsourced orders from RichCrest since the GDR issue.
News Broadcasting
WITT Summit 2026 concludes in New Delhi
Babar Azam’s comical diving attempt goes viral as league introduces anti-dew measures.
MUMBAI: The WITT Summit just wrapped up with enough big ideas to fill a policy playbook because when India’s leaders, thinkers and icons gather under one roof, even the conversations hit sixes. The eighth edition of TV9 Network’s flagship What India Thinks Today (WITT) Summit 2026 concluded on Saturday after two days of dynamic discussions at its New Delhi venue. India’s largest multi-domain public policy and culture summit brought together political leaders, policymakers, sports icons, artists and technology innovators to examine the forces shaping contemporary India and its global standing.
Prime minister Narendra Modi delivered the keynote address on the theme “India and the World” for the third consecutive year. In a wide-ranging speech, he addressed the ongoing conflict in West Asia, calling for restraint and compassion while highlighting India’s continued development trajectory despite global turmoil.
The summit featured candid conversations with state leaders. Telangana Chief Minister A. Revanth Reddy articulated a people-first governance model and contrasted it with other development approaches. Madhya Pradesh Chief Minister Mohan Yadav declared that Left-wing extremism had been effectively eliminated in his state and highlighted preparations for the upcoming Kumbh Mela. Punjab Chief Minister Bhagwant Mann defended his government’s record, citing the closure of 19 toll plazas and creation of the Sadak Suraksha Force. Karnataka Deputy Chief Minister D.K. Shivakumar expressed confidence in Congress prospects in Assam and addressed recent allegations against him.
On geopolitics and national security, Union Minister Jyotiraditya Scindia outlined India’s ambition to become a builder of trusted digital infrastructure for the world, citing the rapid 5G rollout and village-level 4G connectivity.
Cricket received significant attention. Former India captain Sourav Ganguly praised player freedom and trust as hallmarks of great leadership and named MS Dhoni as the greatest captain due to his World Cup successes. India women’s team bowling coach Aavishkar Salvi credited the BCCI and Women’s Premier League for building a pipeline of world-class talent behind the team’s recent ODI World Cup triumph.
The summit also hosted the inaugural AI² Awards 2026, celebrating the convergence of human creativity and machine intelligence in storytelling and content creation. Poet and kathavachak Kumar Vishwas delivered a nuanced take on India’s concept of Dharma and criticised the recent arrest of an 80-year-old Shankaracharya. Veteran lyricist Sameer Anjaan and storyteller Neelesh Misra reflected on changing music trends and artistic responsibility in the wake of a recent controversy involving Nora Fatehi.
In a country where conversations often run as deep as the Ganges, the WITT Summit proved once again that when leaders, thinkers and storytellers come together, the real winner is public discourse lively, layered and refreshingly unafraid to tackle the big questions shaping India’s tomorrow.
