Yup ! After selling of 5 % they have the requisite amount to depledge all till Nov End .
Why didn’t they use the money they got from earlier share sale instead of selling more shares?
They were short of some 12-15 cr to depledge completely .This sale gives them that balance amount .
I fail to understand the pdf
One page it says, promoter stake of ~64% after
Then it says ~52%
What does that mean, have they sold additional shares?
Discl. Invested 5% of PF
25.52% + 26.90% should be 52.42% not 63.79%.
http://corporates.bseindia.com/xml-data/corpfiling/AttachLive/955C60A9_5EF0_41A6_BCDC_90779F815343_135850.pdf more disclosure on release of pledge
Anyone able to make out exact numbers on depledging . please let me know.
They are considering all three promoter stakes in one it seems… but still lot of confusion
Correct me if below is wrong, please
Discl - Invested
calculation error.Check where it shows 63.79%. Total of a + b + c + d = 25.52 + 26.9 + 0 + 0 = 52.42% and not 63.79%
Your calculations seem right. But here’s how I would interpret, Promoter stake down to 52.42% and 51.32% of that stake is still pledged. Per earlier conf calls, mgmt mentioned that they will not bring their stake below 58% and so this sale is surprising. The next obvious question is on when they will depledge the remaining.
1 Like
Around 25 lac shares seem to be depledged.
5.59% promoter stake has been sold. This wasn’t expected. Let’s ask the co. about this. Promoter shareholding is still decent at over 50% (52.42% to be precise).
1 Like
Sadly Promoter can’t keep up the promise of not reducing shareholding made before couple of months. Can we trust them?
Discl : Invested
Further sale by promoters indicate bad liquidity situation in the company
It could also be the case of falling short of 10 - 12 cr needed for complete depledge as they mentioned that they would furnish it from personal sources but could not do . Also begin of depledge indicates the demerger path is on & could unlock the value.Promoter stake is still above 50 % .Lets see what promoters say…
A huge 1400000 shares have been depledged during 3rd and 4th November.
We need to find out why they sold additional shares when they had promised No further sale in their conf call? They need to walk the talk else lose investor trust. They cannot talk loose if they are not sure of themselves. Tomorrow I plan to reach out to CFO - Praveen Agrawal and ask him. I also want to tell him that 25.52 + 26.90 is NOT equal to 63.79 as mentioned in their document. How can a CFO make such silly mistake with numbers?
They should immediately arrange a conf call and answer investor queries in this regard. I request those who reach out to company insist on a conf call.
1 Like
We need to hold them accountable to what they promised in conf call- i.e. 100% de-pledge. It should not be 80 and 90% etc. It should be almost 100%. We should insist on that.
2 Likes
As you can see from this video, promoters seem to promise a lot but the reality speaks otherwise.
How does one trust such promoters ?. Omkar said the following in the above interview,
- The margin’s of 24% will be maintained and bettered (which is not the case if you see 2017 Q1 results)
- Unit 5 to start production by Q2 2017 (which is not the case as we all know. May be here we can give the benefit of doubt as there is not enough waste treatment capacity provided by Govt)
- Planning to reduce debt to 190 crores in FY17, a reduction of 60 crores !!! (which doesn’t seem possible in FY17)
- 100% depledging by end of 2Q 2017 (2Q already over !!)
Not invested and watching the developments.
First, all of us should mail them on conference call and I totally agree with you on your point “they need to walk the talk else lose investor trust. They cannot talk loose if they are not sure of themselves.”
1 Like
IS this other than whats notified thru update today & whats the source of this information