Business Daily from THE HINDU group of publications
Wednesday, Jun 21, 2006
Business Daily from THE HINDU group of publications Wednesday, Jun 21, 2006 |
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Corporate
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Buyback Markets - Stocks Jayanta Mallick
Kolkata , June 20 Here is a perfectly legal, transparent and perhaps one of the fastest opportunity on Dalal Street available now, to earn through a de-materialised account.
Prescription
Buy 50 shares of Infomedia India Ltd (its promoter is ICICI Ventures) in each demat account that you may already have.
The story
The company had officially proposed a buyback scheme sometime ago, which has just been approved by the Bombay High Court. Under the scheme any shareholder, holding 50 shares or less, will be able to tender his entire shares for a price of Rs 245 each. (Don't buy more than 50 through one account, because the scheme's rider is that any investor, holding more than 50 will be able to sell only 14 per cent of his total holdings).
The opportunity
The record date for buyback is going to be announced soon. Till then, if you act immediately, you may make some clean money in this correcting market.
The formula
If you buy 50 Infomedia shares, for example, at today's closing NSE price of Rs 132.60 each, fill up the buyback form (when you obtain it), you may get a payment of Rs 245 each for each 50 share bloc you tender. The traded quantity of 1.36 lakh shares in the Infomedia counter on the NSE today suggests that very few seem to have got the smell of the money-in-the-making. If you can catch the opening price tomorrow, say Rs 133 a share, you may land up earning Rs 5,600 extra for every demat account you have. Cool or hot! Decide for yourself.
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