Mumbai, Oct 21: Supriya and Sadanand Sule, the daughter and son-in-law of NCP supremo Sharad Pawar, made Rs 1.12 lakh for every Rs 100 share they held in the company Yashomala Leasing and Finance Pvt Ltd, after it merged with Lavasa Corporation, and from which they later exited, Business Standard reported on Sunday.
The couple got sweetheart deals in Lavasa, not once but twice, says the report.
First, their shares in Yashomala Leasing and Finance Pvt Ltd (YLFPL) were swapped for those of Lavasa Corporation at a favourable ratio of 1:750 in 2002.
This merger gave the Sules a 20.81 per cent stake in Lavasa Corporation, then known as Lake City Corp Pvt Ltd.
Later, the promoters themselves bought shares at a substantial premium, setting the benchmark for the Sules' exit at a premium.
According to a scheme of merger approved by the Bombay High Court in August, 2002, Lavasa issued “750 equity shares of Rs 10 each and 1,600 redeemable preference shares of Rs 10 each at a premium of Rs 10 per share… to the shareholders of YLFPL for every one equity share of Rs 100 held by the then shareholders of YLFPL”.
