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India Equity Research Reports, IPO and Stock News
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Alfa Laval (I)Astrazeneca Phar
Blue Dart Exp.
Elantas Beck
Fres.Kabi Onco.
Gillette India
Honeywell Auto
Ineos ABS (India
Novartis India
Oracle Fin.Serv.
Warren Tea
Wendt India
•The Union Finance Ministry came out with the "minimum public shareholding guidelines" on
June 4, 2010, which were later revised on August 9, 2010
•PSUs are expected to maintain minimum public shareholding of 10 per cent within a period of
three years. And, for the private sector, it shall be 25 per cent over three years.
•That is, companies have time till June 3, 2013 to comply with this requirement.
•It means that Promoters of listed entities to bring down their stake below 75% before June,
3,2013.
• Market has corrected more than 25% from Jan,2011 hence it provides golden opportunities
for companies to come up with delisting offers where valuation is under distress level.
•We evaluated all those companies which has more than 75% Promoter’s holding and
specially MNCs where management is reliable and less chances of corporate governance
issues which has become the fashion of time.
•We further check the universe whether the company has sufficient funds to go for delisting.
•We check the valuation, debt level and business model to check downside risk for the said
companies.
&
• We identified 12 companies which could be potential delisting candidates.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Alfa Laval (I)
•The Union Finance Ministry came out with the "minimum public shareholding guidelines" on
June 4, 2010, which were later revised on August 9, 2010
•PSUs are expected to maintain minimum public shareholding of 10 per cent within a period of
three years. And, for the private sector, it shall be 25 per cent over three years.
•That is, companies have time till June 3, 2013 to comply with this requirement.
•It means that Promoters of listed entities to bring down their stake below 75% before June,
3,2013.
• Market has corrected more than 25% from Jan,2011 hence it provides golden opportunities
for companies to come up with delisting offers where valuation is under distress level.
•We evaluated all those companies which has more than 75% Promoter’s holding and
specially MNCs where management is reliable and less chances of corporate governance
issues which has become the fashion of time.
•We further check the universe whether the company has sufficient funds to go for delisting.
•We check the valuation, debt level and business model to check downside risk for the said
companies.
&
• We identified 12 companies which could be potential delisting candidates.
- Alfa Laval (I)
- Astrazeneca Phar
- Blue Dart Exp.
- Elantas Beck
- Fres.Kabi Onco.
- Gillette India
- Honeywell Auto
- Ineos ABS (India
- Novartis India
- Oracle Fin.Serv.
- Warren Tea
- Wendt India
I believe , Another good candidate for delisting need attention is is Sah petroleums where promoter shareholding is 87 % and Navis Capital (MNC PE Player) is the majority shareholder with around 62% .
ReplyDeleteNavis Capital had paid 48.5 per share for open offer when the market price was hovering around only Rs 8 i.e. 6 times that too in recession time of Dec 2008 . If Navis can pay 48.5 during recession for 27.5% stake (20% on diluted capital) then why can't they pay around 60 for remaining 13% public stake . Right now Sah petroleums is available for throw away price of 30