It’s a phenomenal move by the management to gloriously short-change investors with this slump sell at close to BV(90cr.) at a time when the market-value is at 400cr. ( at PE of 20, you can’t say it is overvaued) and quarterly profits are only growing. Anyone has any thoughts?
https://nsearchives.nseindia.com/corporate/PAR_02122024174510_SignedOutcome02122024.pdf
I believe the listed entity is starting to make money, probably some traction in CRAMS, and management wanted the remaining 25% of public holding also onto itself, hence doing this cheap sale to their own related-party.
Also the new business in listed entity is construction. Everyone knows what that means- a euphemism to loot money (I mean a chemicals player venturing into real-estate and finance, laughably unbelievable. there could probably have been a better way to lie)
Anyway, if there are any holders out there, I would suggest you proxy-vote it negatively so as to prevent this management from short-changing the investors who supplied their capital for R&D at the time of listing.