Sometimes holding on to a dud investment may also pay at the bourses. Elcid Investments provides one such rare opportunity for its shareholders. The promoters of the company, which last traded on September 19, 2011, at Rs 2.73 on the Bombay Stock Exchange (BSE), came out with a delisting offer at a floor price of Rs. 11,455 a share.
The company has about 240 retail shareholders who hold 40,200 shares, which is 20.1% of its total paid-up capital share. Now, promoters hold 79.63% (About 1.59 lakh shares).
“As per the explanation to the regulation 15 (2) of the Delisting Regulations, the equity shares of Elcid Investments being infrequently traded, the floor price of the equity shares was determined by us in consultation with the manager of the offer to be Rs. 11,455 per equity shares (floor price),” the company informed the BSE.
The floor price was arrived at as per the valuation report dated February 20 of SSPA & Co, Chartered Accountants, Mumbai, the firm further said.
The BSE classified the company under ‘Miscellaneous Commercial Services’ sector and it trades under ‘ T-group ’ where delivery of shares is compulsory. For the financial year ended March 2012, it reported a net profit of Rs. 10.26 crore on a revenue of Rs. 10.64 crore. Earnings per share (EPS) for FY 12 stood at Rs. 512.80.
Src: The Hindu, Badri Narayanan K.S,
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