MUMBAI: It's not only Ambanis and Mittals who are making big bucks on the bourses, even Bollywood superstar Amitabh Bachchan has seen his stock market wealth grow over ten-fold in just about two-and-half years.
Bachchan currently holds shares worth over Rs 23 crore in a company promoted by his friend and politician Amar Singh, from Rs 2.3 crore at the end of June 2005 quarter when he purchased these shares.
The actor used to be a promoter in Energy Development Company Ltd (EDCL) in 2005-06. While his shareholding stands unchanged at 10 lakh shares, he is no longer a promoter. This is probably the only listed company in India where Bachchan holds shares.
According to information available with stock exchanges, Bachchan figured among the promoters of the company between June 2005 and March 2006 quarters. But his name is among the shareholders holding over one per cent stake June 2006 quarter onward. The share price movement for the company, however, shows Bachchan has gained more after being a non-promoter.
The value of 10 lakh shares held by Bachchan grew less than two-fold to about Rs four crore as on March 31, 2006 from about Rs 2.3 crore at the end of June 2005 quarter. Currently, his 3.64 per cent stake is worth Rs 23.06 crore.
The shares of EDCL are currently trading at Rs 230.65 on the Bombay Stock Exchange and has more than tripled in the past one month. The company's market cap has grown to over Rs 600 crore, representing about five-fold jump in a year.
Bachchan is also an executive director on the company's board, while Singh is an executive chairman.
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