Bombay Oxygen Corp

Hi guys,

I was looking at Bombay Oxygen Corp Ltd. The company has a meagre market cap of some Rs 80 Cr. It’s share price is around Rs 5400.
I was trying to understand their business model, profile of promoters etc. Their website didn’t help much with that. The company has not been profitable for a while, though it has huge reserves and surplus.

Does anyone have an idea how their core business is doing, what are the plans etc.?

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i can’t see script in moneycontrol

Thanks to @arpitjain305 for bringing this company to my notice.

I was going through the Annual report, @page 56 it is written as

Pending litigation, the above disclosure does not include 75,001 equity shares:
Messer Griesheim GmbH (“Messer”) had acquired 75001 shares, which have not been transferred on
account of the various orders of the Courts to that effect as off 31.03.2016. The shares still continue to
stand in the name of the original shareholders. Subsequently the right, title and interest in these 75001
shares is sold to the promoters by “Messer”.
Subsequently, as a result of the Order of the Supreme Court dated 19-4-2016, the legal rights acquired
by Messer in 45,001 shares purchased from promoters and 30,000 shares acquired from public pursuant
to the Takeover Code of Securities & Exchange Board of India (SEBI) shall be registered in favour of
the promoters.

You can get the verdict of SC here

The order is dated 19th April 2016. Though I didn’t get when the shares were (or will be) transfer, promoter shareholding as on 31st March 2016 was 58.93%. Now its 73.29%.

It may very well be that the sales were subdued by present management so that they’ve to pay less to Griesham GmbH. June quarter’s sales figure makes the case, with June 2014 sales being 4.75 & June 2015 sales being 3.53, but June 2016 sales are 6.44 crores.

The PE of the company is 24.5, the price is getting lower. The last trade was on 11th July.

More importantly the shares of the company is in physical (not Dematerialised) form; unless you live in Bombay, how are you going to buy it?

Why are the shares of this company still in physical format. Wasn’t there a legal/SEBI requirement that all listed securities should offer a Demat option by certain date? Can anyone throw light on this?

I suspect the company does not offer this so that the true value is not discovered by the market and the promoters can do creeping acquisition for a song.

The company had huge land parcels in Mumbai which it sold to builders for several hundred crores but nothing was passed on to the shareholders.

PS - I have a miniscule legacy holding in this company.

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Market Cap = ~180 Crores
BV ~25000
Current Share price ~12000
Value of holdings (Shares and MF): ~360 Crores

Purely an Investment Company. I have taken this image from their annual report for 2022-23