The promoters of Himachal Futuristic Communications Ltd have reduced their stake by over 10 per cent in the financial year ended March 31.

The reduction in shareholding by promoters, the Maloo-Nahata combine and the media group promoted by Kerry Packer, was possibly the largest in the Indian corporate sector last year. Most Indian companies witnessed increase in promoters holding.

The Indian promoters have reduced their stake by a shade over 8 per cent, from 17.68 per cent on March 31, 2002, to 9.07 per cent on March 31, while the Kerry Packer group's holding came down to below one per cent from 2.54 per cent.

HFCL promoter Mahendra Nahata didn't get back as promised on the issue till late in the evening.  Kerry Packer entered the company by investing Rs 1,039 crore (Rs 10.39 billion), forking out Rs 1,450 for a HFCL share. The decision sent the stock through the roof and it touched Rs 2,420. HFCL has been hovering around Rs 23 for quite some time now.

Reduction in promoters stake was caused by fall in shares held by Burlington Finance, a promoter group company, and simultaneous rise in HFCL's equity share base. HFCL's equity share capital increased from Rs 78.82 crore to Rs 148 crore (Rs 1.48 billion).

The shareholding pattern filed with the stock exchanges disclosed that the holding of other promoter group companies Vinsan Trade and Communication and Sungrace Merchandise remained unchanged. But holding of Vinsan and Sungrace came down to 2.06 per cent from 3.87 per cent and to 1.54 per cent from 2.89 per cent, respectively, on the enhanced equity base.

Institutional investors' holding also came down by nearly 5 per cent, from 12.04 per cent to 7.46 per cent. But the holding of private corporate bodies increased by nearly 11 per cent, from 19.65 per cent to 26.77 per cent.

The company during the fiscal recorded a lower sales of Rs 832 crore (Rs 8.32 billion) from Rs 889 crore (Rs 8.89 billion). Fall in net profit was sharper, from Rs 41.58 crore to Rs 24.10 crore.