December17, 2009 : SHARES of Sanjay Dalmiaowned soda ash manufacturer Gujarat Heavy Chemicals surged nearly 10% on reports that the company may face a hostile takeover bid by a disgruntled shareholder, Pramod Jain. Pramod Jain holds a 5% stake in GHCL and Dalmia holds around 18% stake in the company. This will be the second attempt by Pramod Jain to corner substantial stake in a Dalmia-owned company in a month’s time. Pramod Jain has already made an open offer for 25% of Golden Tobacco (GTC) shares at Rs 101 a share which is awaiting Sebi approval. Pramod Jain’s JP Financial Services and persons acting in concert hold a 6.47% stake in GTC. Gujarat Heavy Chemicals closed the day at Rs 54.85/share on Wednesday. GHCL is expected to hold a crucial AGM on December 31, 2009. Of Dalmia’s a 18.26% stake in GHCL, 9% is already pledged with Indiabulls against an ondemand loan. The shares pledged with Indiabulls, however, may not be a threat after the two parties agreed to an out-of-court-settlement on December 14 over Dalmia’s default to a Indiabulls loan of Rs 225 crore. Responding to an email query by ET NOW, Sanjay Dalmia said, “We, the promoters along with our friends, have comfortable levels of shareholding.” Sanjay Dalmia has a financial obligation of close to Rs 250 crore towards the settlement of dispute with Indiabulls Financial Services. Pramod Jain had said that he made the open offer for GTC shares to stop promoters from transferring the GTC-owned land in Mumbai as part of the payment to Indiabulls.