JP Financial Services' open offer for Golden Tobacco due on 30 December
13 Nov 2009
Pramod Jain, a 43-year-old financial services consultant in association with the Howrah-based JP Financial Services today made an unsolicited open offer to acquire additional 25 per cent equity in Golden Tobacco Limited (GTL), at Rs101 a share.
Golden Tobacco is under the control of Sanjay Dalmia, who had raised funds from Indiabulls by pledging his shares in GTL and GHCL, along with some property, all of which together are worth more than Rs250 crore. JP Financial Services is a non-banking finance company registered with the Reserve Bank of India.
The offer is to open on 30 December 2009 and close on 18 January 2010, after clearance by the market regulator Securities & Exchange Board of India (SEBI).
The move comes in wake of Pramod Jain, Pranidhi Holdings and JP Financial Services' acquisition of a 6.47 per cent stake in the company.
JP Financial Services acqired a major portion of the stake through its acquisition of 890,000 Golden Tobacco shares pledged by an undisclosed borrower, who defaulted on payment.
On 24 September 2008, Golden Tobacco's board of directors approved the de-merger of realty business into a separate company, with shareholders getting one share for each share held in the existing company.
The company holds a 7.5-acre property in western Mumbai in the upmarket Juhu Scheme. The property is estimated to be worth at least Rs200 crore.
Golden Tobacco's net profit plunged 92.70 per cent to Rs0.12 crore on a 20 per cent rise in net sales to Rs29.99 crore in Q2 September 2009 over Q2 2008.
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