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Tuesday, February 26, 2008
Same patterns in Bang Overseas, Tulsi Ext stake-holding
Same patterns in Bang Overseas, Tulsi Ext stake-holding
Bang Overseas and Tulsi Extrusions – the concentration in the IPOs of both these companies is limited to only a few players. The concentration of stake percentage and thereby power in the hands of only a few QIBs, is very interesting and important to note.
In Bang Overseas, the issue size was around 35 lakh shares and its amazing to see that around 17 lakh shares, which is around 50% of the issue, are held by only three QIB applicants. These three hold nearly 12% equity in the company. Some of these QIBs are Deutsche Securities who hold nearly 7.75% stake in the company, Elara India Opportunity holds nearly 3.23% and Bennet Coleman holds nearly 1.64%.
Another noteworthy point is that there was no application made by any mutual fund. Deutsche Securities, which is a big FII, is applying for nearly 8% of the issue size and there are no mutual funds that are applying for the IPO. This is really surprising.
Tulsi Extrusions’s 50% issue has been subscribed by nearly 6 applicants; they control nearly a quarter of the company. There are similarities in Bang Overseas and Tulsi Extrusions. Here also, Mavi Investment Fund holds nearly 6.5% of the equity and Lotus Global Investment Fund also holds the same.
Lotus Global and Mavi Investment are the sub-accounts of M. M. Warburg Bank Switzerland. Don’t confuse this bank with Warburg & Pincus; this is a different entity all together - this is the largest private bank in Germany. They hold nearly 13% of the equity in Tulsi Extrusions. Another similarity is Ellara India Opportunity holds nearly 3.2% sales stake in the company.
So these are the two entities that have a common holding in Bang Overseas and Tulsi Extrusions. There are others like Bhagwati Banquet Hotel who holds nearly 1.1% stake in the company. So there is some common holding in both the companies.
It’s amazing to see the concentration of power in some of the small IPOs - Bang Overseas is only Rs 75 crore IPO and Tulsi Extrusions is only Rs 50 crore IPO.
However, the credit volumes in both the counters on the day of listing were around 10-15 times of the issue size.
Disclaimer : All information given here is for information purpose only. Users are advised to rely on their own judgement or investment advisor when making investment decisions. This blog is not liable and take no responsibility for any loss or profit arising out of such decisions being made by anyone acting on such advice.
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