Bhilwara Spinners under Hostile Bid by Ashok Kumar Parmar…Parmar ? Aha ! Suzlon !
Ashok Kumar Parmar has surfaced yet again to make an unsolicited hostile Bid for Bhilwara Spinners.He is making the Mandatory Public Offer to acquire atleast 20% of the Equity of the Company at Rs 15,having already accumulated 15% of the equity stake…Bhilwara is locked up by 5% on Upper Circuit at Rs 11.99 today on the BSE
Does this name,Ashok Kumar Parmar, ring a Bell ,other than his efforts to buy into the Videocon Group ?
Is it the same Parmar who made a killing in SUZLON ? If so, all else is Petty Cash for Parmar except for Suzlon
Let me stir all of you up
The Suzlon IPO was at Rs 510 for a Face value of Rs 10.The Issue opened on September 23,2005 and closed on September 29,2005 and was oversubscribed nearly 46 times
The Pre IPO Shareholding in Suzlon reveals some really interesting facts…While all of India craved to be allotted shares in Suzlon,those who controlled the whole IPO Process,Citigroup and ChrysCapital, were the largest beneficiaries
Citigroup initially invested just Rs 50 crores for an allotment on April 19,2004 of 2577320 shares at Rs 194.It is this lot that it offered for sale at Rs 510 in the IPO.However the Pre IPO Holding swelled to 23195880 shares through the largesse of two liberal 2:1 Bonus issues on September 25,2004 and June 24,2005 reducing the holding cost per share to just Rs 21.56…The Company clearly had a premeditated gameplan in issuing such liberal Bonus and were probably influenced by Ajay Relan and Ashish Dhawan,who came on the Board of Directors,representing Citicorp and ChrysCapital respectively.
ChrysCapital too made a fortune…investing on August 10,2008 ,Rs 50 crores for 2049180 shares at Rs 244 and with the subsequent bonus issues taking their holding to 18442620 shares reducing average holding cost to just Rs 27.11 per share.It then sold a total of 3041000 shares at average Rs 365.18/share to entities of the Government of Singapore Investment Corporation Pte Ltd on July 6 and July 11,2005.It was left with a holding of 11252620 shares
On March 28,2005,just before year closing,a Suzlon Group entity,Suzlon Capital sold 1245000 shares to 13 entities of the Parmar group for Rs 100/share aggregating an Investment of Rs 12.45 crs.With the Bonus of 2:1 on June 24,2005 the Holdings shot up to 3735000 shares reducing the holding cost to Rs 33.33/share
SEBI has just directed a Suzlon IPO allottee,Himani Patel, to pay Rs 33.52 lakhs plus 10% Interest from October 19,2005 (Date of Listing) to actual date of Payment, for unlawful gains made in the Suzlon IPO