Business Daily from THE HINDU group of publications
Tuesday, Feb 05, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Feb 05, 2008 ePaper | Mobile/PDA Version |
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Markets
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Preferential Allotments Corporate - Corporate Bonds Our Bureau Kolkata, Feb. 4 Lok Housing & Constructions Ltd has proposed to issue 50 lakh convertible warrants on a preferential basis to three promoter entities. The planned conversion price of Rs 354 per share of Rs 10 each is way above the current market price and yet Dalal Street has responded positively to the development. The BSE Small Cap stock attracted a volume 4.32 lakh shares on Monday and finished with a gain of 2.5 per cent at Rs 220. After reaching its 52-week high at Rs 390.5 on January 1, the stock had declined substantially last month. An EGM has been scheduled for February 8, for seeking shareholders’ approval for the proposed issue. The promoters’ holding as on December 31, 2007 was placed at 51 per cent. Bennet & Coleman has picked up a 1.78 per cent stake through private placement route in the December quarter. The third quarter EPS of the company has improved to Rs 13.68 from Rs 12.50 at the end of the second quarter of the current fiscal. This compares favourably against the DLF EPS of Rs 3.55, real estate analysts pointed out. However, the paid-up equity capital of Lok Housing has increased to Rs 42.88 crore from Rs 17.02 crore during the same period. According to analysts, though operating profit margin was lower compared to that in the second quarter, the net profit margin went up as the tax incidence was significantly lower compared to the housing projects sold during the second quarter. More Stories on : Preferential Allotments | Corporate Bonds | Housing Finance
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