If you’re quoting the interview, let’s quote the entire text ad verbatim
Ekta: Your shareholders
are concerned, you have a listed equity stock that you are dealing with
as well and the markets are not liking this.
A: I am holding 69 percent, I will be holding majority stake. I may
reduce over a period of 4 years to the extent of 10 percent.
Anuj: Rs 300-400 crore would be somewhere around 10 percent of your
stake. I know you will be still holding majority stake but the markets
fear is genuine that why do you need to dilute stake in a listed company
to fund your passion. It is understood that you have a passion for
aviation but why use the other vehicle?
A: All entrepreneurs and promoters have lot of passions. Other big
promoters are doing hundreds of business, why I should not do one or two
businesses?
Ekta: Would you take your plan back in terms of equity dilution or
aviation, if in case your shareholders don’t like it, which they clearly
don’t? Would you go back on your plans?
A: Either my shareholders are liking or don’t liking I am not bothered.
See I have a passion, I have to do lot of things and lot of business. It
is nothing to be the somebody’s business to ask.
I’m not saying the promoter was real polite and maybe he should have sugar-coated his words or atleast “managed” his interview better. Look at the progression of questions and answers. The same question was asked thrice and twice he answered in a tone which would have been acceptable to the stakeholders. When pressed on, he said something that’s brute honest and blunt.
As a shareholder, my worry should be that the promoters aren’t bothered about the business. But that’s not the case.
Q1 he confirmed he has no plans to divest his majority stake
Q2 he confirmed its an industry norm for a promoter to explore new ventures
Q3 he confirmed that its his will to chase a passion in personal capacity and why should he need shareholders’ approval for that? He has already confirmed that he will protect shareholder interest in VRL.