Goldcrest Corporation Limited BuyBack May 2018
Goldcrest Corporation Limited BuyBack
The Goldcrest Group of companies is promoted by the Tanna family. The Group is actively involved in three distinct lines of business.
(i) Real Estate-The Goldcrest Group’s involvement in Real Estate has spanned 25 years. The Group has undertaken construction in its independent capacity as well as in consortium and has been active primarily in and around the Mumbai region. The Group has also expanded its interest in Real Estate through its involvement in land banking and has accumulated sizeable parcels of land in various resort locations and peripheral areas in and around Maharastra, Gujarat and West Bengal for the purpose of developing the agricultural activity, townships, luxury villa projects and warehouses. More recently, the Goldcrest Group has shown an active interest in Real Estate by operating and maintaining an IT/ITES building in Pune.
(ii) Commodity Trading and Arbitrage-Commodity exports and trading have been the traditional business of the Group. The Group has been actively involved with the exports of Oils, Groundnut Kernels (HPS), Basmati & Non-Basmati Rice, Sesame Seeds, Black Pepper and other Agro-based commodities.
With the opening of Commodity Exchanges in India, the Goldcrest Group has capitalized on opportunities in local trading and is undertaking future trading in various agro-based commodities as well as in spices. Since 1994, they have set up an Arbitrage Trading Desk which has engaged itself in the trading and arbitrage of various agricultural commodities.
(iii) Capital Market Operations-Goldcrest Corporation Limited (Formerly known as Goldcrest Finance (India) Limited) is a part of the Goldcrest Group and is listed on the Bombay Stock Exchange. The Company was engaged in the business activities of leasing, finance and investments until November 1994. The company came up with public issue in the month of February 1996 and thereafter has actively engaged itself in the activities of finance and capital market operations.
Buy Back Offer Deal:
| Buyback Type: | Tender Offer |
| Buyback Record Date: | Jul 17 2018 |
| Buyback Opening Date: | Aug 23 2018 |
| Buyback Closing Date: | Sep 05 2018 |
| Buyback Offer Amount: | ₹ 14.0025 |
| Date of Board Meeting approving the proposal: | May 29 2018 |
| Date of Public Announcement: | May 29 2018 |
| Buyback Offer Size: | 24.71% |
| Buyback Number of Shares: | 18.67 Lacs |
| FV: | 10 |
| Buyback Price: | ₹ 75 Per Equity Share |
Details of Buyback:
Salient financial parameters:
| Parameters | Pre-Buyback | Post- Buyback |
| (i) Net Worth (₹ in Lakhs) | 5,711.90 | 4,311.65 |
| (ii) Return on Net worth (%) | 6.58% | 8.72% |
| (iii)Earnings Per Share | 4.98 | 6.61 |
| (iv) Book Value per Share | 75.59 | 75.78 |
| (v) P/E | 9.54 | 7.19 |
| (vi) Total Debt/ Equity Ratio | 0.00 | 0.00 |
How to Participate in buyback?
Profit from the buyback on the bases of acceptance Ratio:
| Acceptance Ratio | 33% | 50% | 75% | 100% |
| Amount Invested in Buyback | 1,60,020 | 1,60,020 | 1,60,020 | 1,60,020 |
| No. of Shares buyback | 880 | 1333 | 2000 | 2667 |
| BuyBack Profit | 13201.7 | 20002.5 | 30003.75 | 40005 |
| Profit | 8% | 13% | 19% | 25% |
Recommendation:
Registrar Contact Details:
Company Contact Details:
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100% Shares were accepted in this Buyback.
Subscription as on 28.08.2018
No. of shares tendered: 1881568
The Promoters and Members of Promoter Group, have conveyed their intention to participate in the Buy-back up to 34,42,916 (Thirty Four Lakhs Forty Two Thousand Nine Hundred Sixteen) Equity shares or such lower number of Equity Shares in accordance with the provisions of the Buy-back Regulations.
In compliance with regulation 6 of the Buy-back Regulations, the reservation for the Small Shareholders, will be higher of:
15% (fifteen percent) of the number of Equity Shares which the Company proposes to Buy-back i.e. 15% of 18,67,00 Equity Shares which works out to be 2,80,050.
So 2,80,050 no. of Equity Shares will be reserved for Retail Shareholders having shares valued less than 2 lacs.