Financial Daily from THE HINDU group of publications
Sunday, Jun 12, 2005
Financial Daily from THE HINDU group of publications Sunday, Jun 12, 2005 |
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Info-Tech
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Stocks Rakesh Jhunjhunwala picks 16 pc stake in Tops Security Our Bureau
Mumbai , June 11 MR Rakesh Jhunjhunwala, an equity investor, has picked up a 16-per cent stake in unlisted security solutions provider Tops Security. Mr Jhunjhunwala has acquired the stake at Rs 70 for a face value of Rs 5 per share, for a total consideration of Rs 21 crore. Based on the stake sale value of Rs 70, the company's total value is Rs 126 crore, on a paid-up equity capital of Rs 9 crore. Mr Jhunjhunwala is generally known for buying stakes in listed companies. On the rationale to buy stake in an unlisted company, Mr Jhunjhunwala said: "I picked up the stake as the company is growing at a rapid pace of 40-50 per cent per annum and has outpaced the industry growth rate of 20-21 per cent." He said globally, security firms were valued at 20-30 times of their earnings. Mr Jhunjhunwala has come on the board of directors of Tops Security. The Tops Security Chairman and Managing Director, Dr Diwan Rahul Nanda, said: "Initially, the company had plans for an IPO, but later decided to give stake to Mr Jhunjhunwala as he has skills which are very complementary to Tops."
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