Delisting has fizzed off in Indian Capital market hope to see more realistic P/E, P/S & P/B multiples for this companies.
It was very evident then during
Sept2012 that Market had overvalued some of the scripts in Indian market were
promoter holdings was greater than 75%
Promoters also let the suspense
built up as it helped them in fetching a better price via Offer for sale .
It’s common man who ended up
burning his fingers and may take some
time may next 5years to get his cost price back .
In Sept'12 I had taken this companies past five years of Balance sheet, Income statement cash flows & tried to compute how much Promoters will have to shell out from their pockets to buy back.
Do they have sufficient capital to do so.
Are their earnings strong enough to support such an buyback.
If you guys need detailed working do email me I shall share maths behind each field.
Oracle Financial Services:
Oracle
went for dilution of Stake in open market
Novartis India Ltd:
Novartis India went for dilution of Stake in open market
http://www.bseindia.com/xml-data/corpfiling/AttachHis/Novartis_India_Ltd_290513.pdf
Timken
India
Company
also diluted stake by issuing shares.
http://www.bseindia.com/xml-data/corpfiling/AttachHis/Timken_India_Ltd_090413.pdf
Honeywell Automation:
Company also diluted stake
http://www.bseindia.com/xml-Data/corpfiling/AttachHis/Honeywell_Automation_India_Ltd1_131212.pdf
GMM Pfaudler:
Here
is the Offer price was Rs. 88.55 per share.
Company
sincerely made an Delisting offer to general public,
Outcome of Board Meeting (Delisting Offer)18
Apr 2013
With reference to earlier announcement dated
April 17, 2013, the Fresenius Kabi Oncology Ltd had informed BSE that the
Company has received a letter dated April 16, 2013 ("Letter") from
Fresenius Kabi (Singapore) Pte Ltd, the promoter shareholder of the Company ("FKSL")
notifying the Company of its intention to make a voluntary delisting offer to
the public shareholders of the Company ("Delisting Offer") to acquire
the entire public shareholding of the Company (i.e. 3,00,63,255 equity shares of
Re. 1 each, representing 19% of the share capital of the Company) and delist
the equity shares of the Company from the stock exchanges on which the equity
shares of the Company are presently listed, i.e., BSE Limited and the National
Stock Exchange of India Limited in accordance with the SEBI (Delisting of
Equity Shares) Regulations, 2009 ("Delisting Regulations"). FKSL has
expressed its intention to pay an indicative price of up to Rs. 130 per share to acquire the shares
offered to it in the Delisting Offer, subject to FKSL's right under the
Delisting Regulations to accept or reject any price discovered under the
reverse book building process set forth therein.
ANDREW YULE Ltd:
No news on delisting from the
Govt for this company.
Company decided to dilute the
promoters stake n not to go for open offer.
Kennametal India:
Company decide to dilute the promoters stake and not
to go for open offer.
Share
price has dropped from 1140 June 2012 to CMP of 487/-.
Fairfield Atlas:
Fairfield
Atlas has Post offer price of Rs245/ for public based on price discovery.
BOC
india (Linde India)
Company also decided to dilute it’s stake
via Offer for sale.
This analysis is based on Last Sep'12 when I posted the findings.
CMP here refers to price as on 3rd Sept'12.
Here is my full analysis which I didn’t
share last time based on which I wrote last time.
I also feel that some of this stocks would
further correct when NIFTY corrects to more realistic P/E & P/B & P/S
multiples.
Cheers…..
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