Satyakam Mishra has left a new comment on your post "Wanted United Commodity Exchange Shares by Sandip ...":
Part IIQ: What kind of response has the Siemens offer been getting and how would you approach that?
A: Siemens open offer is again function of how much the major shareholders tender and how much the public shareholders are going to tender into the offer, like surely LIC is one of the major holder of Siemens shares and holding 13% odd. If they partially tender a part of shares get tendered by them, then the acceptance level will go high.
Even on the retail front, the retailers hold around 13%. Historically, we have seen that retailers don’t participate into offers looking at the number of shareholders which are there. That increases the acceptance level.
In Siemens we are expecting nearly about say 65% odd acceptance and it can go much higher till 90%. There is much of interest in the stock, so there are funds who may not tender completely into the offer and would like to hold on stock post open offer also.
So even there I would not expect much of correction in the stock post open offer. The stock may sustain and also rally towards the open offer prices.
Q: Smaller delisting is Binani Cement. Over there as well there is still a slim margin going between the delisting price and where it is trading at. How would you play that?
A: Whenever the stock gets delisted, the delisting price gets accepted by the company. The stock trades on the exchange by a percentage difference between the accepted price and the current market price around 1-2% odd. So, the people who would be interested in having in risk-free rate of return.
In the equity markets also they can buy the stock and tender into the window period. There are other delisted stocks, which can be played around, so Binani is one of them as Rs 90 is the exit price for the stock. So buy from the market and tender into the window period.
Q: Any idea what is going on with the Nirma offer, which is been kept in abeyance?
A: In Nirma, there was some amount of problem created and the window period was kept on hold. But now most of the things would get sorted and again the same way as the price has been accepted at Rs 260, one can buy the stock, whichever is left with you, because the stock has been delisted. So whichever stock you have, you need to tender into the window period to get exited, because that is a non-listed stock.
HINDUSHTAN VIDTYUT GETTING LISTED
ReplyDeleteParticulars 31.12.2010
1.
(a) Net Sales /Income
from Operations = 33483.91
(b) Other Operating
Income = 258.73
(c) Total = 33742.64
2.
Expenditure
(a) (Increase)/Decrease = 388.60
in stock in trade and
work in progress = 20387.59
(b) Consumption of
raw-materials
(c) Employees cost = 1356.42
(d) Depreciation = 809.42
(e) Power & Fuel = 3427.77
(f) Other Expenditure = 5057.44
(g) Total = 31427.24
3.
Profit from operations
before Other Income,
Interest &
Exceptional Items
(1 - 2) = 2315.40
4.
Other Income = 473.13
5.
Profit before Interest
& Exceptional Items
(3 + 4) = 2788.53
6.
Interest = 1112.92
7.
Profit after Interest
but before Exceptional
Items (5 - 6) = 1675.61
8.
Exceptional Items = 2708.40
9.
Profit (+)/Loss (-)
from Ordinary Activities
before tax (7+8) = 4384.01
10.
Tax expenses = 1445.85
11.
Net Profit (+)/Loss
(-) from Ordinary
Activities
after tax (9 - 10) = 2938.16
12.
Extraordinary Item = 0.00
13.
Net Profit (-)/Loss(-)
for the period (11 +12)= 2938.16
14.
Paid-up equity share
capital (Face Value Rs.
10/- each) = 144.29
15.
Reserve excluding
Revaluation Reserves
as per balance sheet
of previous accounting
year
16.
Earnings Per Share
(EPS)
(a)Basic and diluted EPS
before Extraordinary items
(not to be annualized)Rs.= 203.63
(b) Basic and diluted
EPS after Extraordinary
items (not to be
annualized) Rs. = 203.63
17.
Public shareholding
Number of Shares = 345840
Percentage of
shareholding = 23.97
18.
Promoters & Promoter
group Shareholding
(a) Pledged/encumbered
Number of Shares = 0
Percentage of shares
(as a % of the total = 0
shareholding
Percentage of shares
(as a % of the total
share capital = 0
(b) Non-encumbered
Number of Shares = 1097045
Percentage of shares
(as a % of the total shareholding = 100
Percentage of shares
(as a % of the
total share capital = 76.03
(As per internal sources Hindusthan Vidhyut Products Ltd is getting listed very soon)
Economic Times article on Sahara India Commercial unlisted shares
ReplyDeletePosted by Mr Dharawat
For more details on unlisted shares call mob 08108303330 or dharawat1@gmail.com
Sahara India Commercial unlisted despite having 2.6 mn shareholders
Avinash Celestine, ET Bureau, Apr 23, 2011, 10.36pm IST
NEW DELHI: In October 2009, Sahara India Commercial Corporation (SICCL), part of Sahara Group of Companies, decided to issue shares to a bunch of investors. While the size of the share issue — 3,000 crore — was substantial, what was really startling was not the amount, but the number of shareholders who were allotted shares: 2.6 million.
Even if this were the only share issue by the company, it would make it the third-largest company in the country today in terms of number of shareholders—behind Reliance Power (4.9 million shareholders as of December 2010), and Reliance Industries (3.5 million).
Despite the share issue, SICCL is not listed on any stock exchange. According to filings by the company with the registrar of companies, West Bengal, the company issued 30 crore shares with a face value of 1, at a premium of 99, on October 29, 2009. The number of allottees were 26,89,935.
In response to a questionnaire sent by ET, Sahara spokesperson, Abhijit Sarkar said: "SICCL is an unlisted public limited company and does not intend to list its shares at any of the stock exchanges as decided by the board of directors of the company. Compliances with the Sebi Regulations are applicable for the listed companies as well the company who intend to get their shares listed on the stock exchanges." He said necessary board and shareholder approvals were taken.
Further, the fact that the return of allotment was duly approved by RoC West Bengal was evidence that "required compliances for allotment of equity shares by the company are fully complied with". According to Sahara, an approval from the RoC was given in September 2010.
Two Share Allotments
Says Jayant Thakur, a chartered accountant specialising in securities law: "When a company raises funds from more than 50 people, it does not remain a private placement, but is a public issue. For this, listing requirements, as well as other Sebi norms must be followed." SICCL, according to other filings with the RoC, is primarily a real estate and infrastructure developer.
Documents filed by the company describe it as 'perhaps one of the largest infrastructure and housing development company in India." As of March 2009, the company posted a loss before tax of Rs 449 crore, on revenues of Rs 1,600 crore. SICCL's balance-sheet size, as of March 2009, was Rs 8,591 crore. Of this, Rs 6,922 crore (over 80%) was raised through the issue of optionally fully convertible debentures, or OFCDs.
Thus, the total amount of shares issued by the company, as a result of these two allotments, was Rs 5,000 crore. It could not be ascertained whether the two share allotments arose as a result of the conversion of OFCDs, issued earlier by the company, into shares or whether these were standalone issues of shares to investors.
Late last year, the Securities and Exchange Board of India (Sebi) had banned two other Sahara Group companies—Sahara India real estate corporation ( SIRECL), and Sahara Housing Investment Corporation(SHICL)—from raising funds from the public through the issue of OFCDs, without going through the necessary approvals and procedures required.
The two companies claimed that they had not made a 'public offer' (defined as an offer to more than 50 investors), as claimed by Sebi, but had placed the debentures privately and among a few friends, associates and others close to the group.
Therefore, the companies claimed, Sebi had no jurisdiction. The market regulator, disagreeing with the claim of a 'private placement', had imposed the ban. The Sebi ban on the other two Sahara companies was stayed by the Allahabad High Court but the stay order was lifted earlier this month.
Tasty bite a best de-listing candidate in current falling market
ReplyDeleteTatsy bites with RS. 99 book value and current mkt price of Rs. 125/- very attractive, as management looking to delist the shares from exchange. It can easily go up to Rs. 300+
ReplyDelete