CNI Chairman, Partners to Increase Stake; Not Worried About `Hostile' Bids

CNI Research Ltd.'s Chairman Kishor Ostwal said he and his partners may boost their holdings and he's not concerned that the purchase of a 6.8 percent stake by a company will lead to a takeover.

Ostwal's group own 46 percent of CNI Research, a Mumbai- based provider of stock market research, he said in an e-mailed statement. Overseas Infrastructure Alliance India Pvt bought the stake through 15 transactions between Feb. 26 to March 31, CNI said in a separate statement to the Bombay Stock Exchange.

"The promoters are not worried about any hostile takeover," Ostwal said in the e-mail. "If required the promoters could raise their stake further in the current fiscal through creeping route."

The shares fell 0.6 percent to 16.35 rupees as of 3:26 p.m., after rising as much as 6.4 percent. Officials at Overseas Infrastructure Alliance couldn't be reached for a comment at its New Delhi office.

To contact the reporter on this story: Hemal Savai in Mumbai at at hsavai@bloomberg.net.

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