In a significant development, new promoter Kumar Mangalam Birla sold off most of Kesoram's cross holdings in other B K Birla Group companies and also disposed stakes in own group outfits like Aditya Birla Fashion at one go, netting close to Rs 300 crores.

Market observers say these deals are believed to be part of Kesoram's ongoing restructuring exercise which would help B K Birla's grandson Kumar Mangalam to manage Kesoram efficiently, removing it from inefficient business units and group cross-holdings.

To trim its diversified business operations, Kesoram Industries hived off its rayon and transparent paper business to a wholly-owned subsidiary for Rs 480 crores. In September, it had sold truck and bus radial tyre plant at Haridwar to JK Tyre.

Recent transactions, carried out in the open market, reduced to zero Kesoram's holdings in several B K Birla Group companies like Century Enka, Century Textile, Mangalam Timber Products, Mangalam Cement and also in K M Birla's own group outfit Aditya Birla Fashion.

While the biggest deal in monetary terms is the sale of 2.46 per cent in Century Textile for Rs 142.86 core, the most important transactions have been those involving companies like Mangalam Cement and Mangalam Timber. These companies are being managed by Manjushree Khaitan's daughter Vidula Khaitan as per her grandfather's Will.