The company I am talking about is Cals Refineries. The company has a total equity capital of INR 794 Crore divided into 794 Crore shares of face value INR 1. The current price of the share is INR 0.48 making the complete market cap of the company at INR 381 Crore. The company doesn't have any earnings over the last 5 years. The company split its shares in June 2008 from face value INR 10 to INR 1. Till Sept 2007, the company's equity capital was just INR 5.0281 Crore made up of 50,28,100 shares of face value INR 10. The company had a GDR issue in December 2007 of USD 200 million (approximately INR 800 Crore at that time) at a price of $25.38 (equivalent to INR 1000 at that time) while the share on BSE was trading at INR 2.2 till May 2007. The company again wants to raise money through GDR.
The promoters hold only 2.17%. The company's 94.96% stake is in GDR held by The Bank of Newyork Mellon DR. Strange case.
Tuesday, March 24, 2009
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