Check out the takeover story of Cambridge Solutions in Business Standard of yesterday
http://www.business-standard.com/india/storypage.php?autono=336391
Now check out the Trading Pattern on the BSE in Cambridge Solutions from Last week September 2008 till date
|
Cambridge Solutions on the BSE |
||||
|
Date |
Close (Rs) |
Volume No of Shares |
No of Trades |
Turnover (Rs) |
|
22 September 2008 |
43.40 |
6290 |
70 |
270,518.00 |
|
23 September 2008 |
42.00 |
4146 |
53 |
177,063.00 |
|
24 September 2008 |
42.05 |
980 |
32 |
41,385.00 |
|
25 September 2008 |
40.55 |
8662 |
88 |
352,803.00 |
|
26 September 2008 |
44.60 10% uc |
75729 |
285 |
3,371,735.00 |
|
29 September 2008 |
49.05 10% uc |
77437 |
123 |
3,797,784.00 |
|
30 September 2008 |
53.95 10% uc |
110107 |
706 |
5,819,384.00 |
|
1 October 2008 |
56.60 5 % uc |
84247 |
230 |
4,764,517.00 |
|
3 October 2008 |
59.40 5 % uc |
23092 |
118 |
1,371,664.00 |
|
6 October 2008 till 1 pm |
62.35 5 % uc |
46517 |
58 |
28.98 lakhs |
|
uc = upper circuit |
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You can see that it’s now the sixth straight trading day that the Share Price is on Upper Circuit and the Volumes have exploded from September 26,2008
Also till date there is no announcement for this takeover on the BSE web site
The advisors to Xchanging Plc,UK for the takeover of 75% of Cambridge Solutions for Pounds 83 Million or Rs 688 crores (Rs 371 Crs cash + 7% Shares of Xchanging plc) are Citigroup Inc and UBS AG
The takeover deal was not made public till October 4,2008 and was covered by the press only on October 5,2008
So who’s playing Insider here on BSE ? Who leaked the Deal ? The Advisors ? Company Circles ?
I know the Turnover Quantum may not excite either BSE Survelliance or even the regulator SEBI…but it’s the principle of the matter that’s the issue here
In this trying week when the Sensex has dropped over 2000 points to fall to even below 12000 today,those insiders who picked up Cambridge Solutions on September 26,2008 at Rs 44.60 have made a clean 40% in just six trading days !
The Point is…Is BSE or SEBI going to do anything about it !?
Your guess is as good as mine !
2 thoughts on “Insider Trading in Cambridge Solutions ?”
Hi Gaurav
You know the way BSE works.
No need to comment more .As the exchange is running without a Ceo.
BSE has been a Broker’s Bastion for over 130 years..so it’s not easy to ease away vested interests of Brokers…BSE learnt a hard lesson when NSE was created in the early 1990s by Instititutions to counter the Closed Club that BSE was
It is expected that Demutualisation and Diluting BSE Equity beyond Brokers to even Foreign Exchanges will bring in professionalism…Let’s see how all this unfolds…The Process to appoint a new CEO is on