Financial Daily from THE HINDU group of publications
Wednesday, Sep 28, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 28, 2005 |
|
|
|
|
|
Markets
-
Foreign Institutional Investors Trading in SBI Home Fin to be suspended from Oct 5 — Copthall Mauritius picked up stake in July Our Bureau
Mumbai , Sept. 27 TRADING in SBI Home Finance Ltd will be suspended from October 5, as the company is no longer a going concern, the BSE and the NSE said today. On Tuesday, the stock closed at Rs 19.55, down marginally on NSE. The decision to suspend trading follows clarification from SBI Home Finance to stock exchanges stating that it is no longer functional and the exchange can take an appropriate decision to protect the interest of the investors. According to SBI Home Finance, its operations over a period of time have become unsustainable and have finally come to a standstill. Due to continued losses and complete erosion of its net worth, the company closed down all its branches, separated all its employees voluntarily, disposed off its assets and paid off public deposits and the company is no longer a "going concern". The certificate of registration issued by the National Housing Bank has been cancelled. Incidentally, there were reports about FIIs buying shares of SBI Home Finance. According to filings made with NSE, Copthall Mauritius Investment had bought 4.40 lakh shares of SBI Home Finance on July 22 this year at an average price of Rs 26.30. The total value of this transaction was Rs 1.15 crore. Whether it has sold the shares is not known as no disclosure on the sale is made to the stock exchanges. Copthall Mauritius is a SEBI registered sub-account of FIIs and has made investment in companies such as Infosys, Satyam Computer, Punjab National Bank and Union Bank of India. Investment by Copthall gains importance in the wake of sudden spurt in the stock price of various penny stocks and stocks of defunct companies which is being investigated by SEBI.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
