Please find attached excel file with shareholding history of BEPL.
Promoter (including Jagruti resins stake of 5%) had held about 55% as on Mar’15. Note: As per BSE shareholding Jagruti was not considered as part of Promoter group. MKJ enterprises (along with other related entities) had about 23%.
From Mar’16, MKJ enterprises (along with related entities) have been on selling spree and their holding is now down to just 9%. It is unlikely that they are related to promoter since they were the ones who had filed case on promoter accusing of mismanagement. The case that they have lost in NLT but pending at High Court as per earlier discussion.
Jagruti’s stake has either gone down to zero or less than 1% since its no more reflected in BSE shareholding data as on Dec’16. So technically promoter holding is actually down from Mar’15 levels if we assume Jagruti resins as part of promoter group.
However, post the 3Q result, the promoter is on buying spree and lapping up shares from open market almost on a weekly basis. Promoter has bought almost 1% stake from the market. The promoter shareholding as on today adjusting for insider trades is around 53.7%
Disclosure: Invested
The recent buying spree from promoter has got me excited. Besides having JV with Japanese company does lend some credibility. Japanese companies do lot of due diligence before entering into JV. The financials of JV will be visible only in Annual Report. Till that time it remains a black box.
Counter Views invited.
Book1.xlsx (14.0 KB)