Preference dividend was 0.82cr (10.25L shares) and equity dividend was 3.11cr (88.5L shares), the difference between the per share dividend is there for everyone to see.
They have credit rating of A+ and hence they could have taken loan instead of issuing preference shares, loan interest rate could still have been more than 8% but that would be minority shareholder friendly decision.
I still need to dig out that [email protected]% were allocated to promoters.
Another problem with small/mid cap space is non-current investments. I am learning to ignore it while valuing companies in this space.
GPL has 4.79Cr in non-current investments (2Cr in HDFC MF, 2Cr in ICICI MF and some investments in Tata Steel, NMDC and local Gujarat projects etc.)
Long term loans and advances are 5.5cr.
This ~10cr money is 3x the equity dividend.
I don’t care much for liquidity increasing measures like listing on NSE, Splits etc. They are just good news for traders and news channels but that does not increase any value for investors. I treat them as smoke screen.
I also like undiscovered companies where institutional (FII, DII) holdings are low as one bout of re-rating comes when these players come in. The moment stocks become discovered, one needs high conviction in business to pay premium for stocks.