Sometimes holding on to a dud investment may also pay at the bourses. Elcid Investments provides one such rare opportunity for its shareholders. The promoters of the company, which last traded on September 19, 2011, at Rs 2.73 on the BSE, came out with a delisting offer at a floor price of Rs 11,455 a share.
The company has 229 retail shareholders who hold 40,200 shares, which is 20.1 per cent of its total paid-up capital share.
Currently, promoters hold 79.63 per cent (or 1.59 lakh shares).
“As per the explanation to the regulation 15(2) of the Delisting Regulations, the equity shares of Elcid Investments Ltd being infrequently traded, the floor price of the equity shares was determined by us in consultation with the manager of the offer to be Rs 11,455 per equity shares (floor price),” the company informed the BSE.
The floor price was arrived at as per the valuation report dated February 20 of SSPA & Co, Chartered Accountants, Mumbai, the company further said.
The BSE classified the company under ‘Miscellaneous Commercial Services’ sector and it trades under ‘T-group’ where delivery of shares is compulsory.
The company reported a revenue of Rs 24 lakh and a net profit of Rs 18 lakh for the September quarter.
For the financial year ended March 2012, it reported a net profit of Rs 10.26 crore on a revenue of Rs 10.64 crore. Earnings per share for FY12 stood at Rs 512.80.