Hey ! Manoj…this blog on Resurgere Mines and Minerals is on your request…..and it’s in Red,some bold, for obvious reasons……..
What’s happening is that the Share Price is free falling ad racing downhill in Resurgence Mines & Minerals…..Ridiculous Situation….it’s rattling the Markets and destroying Investors and Traders
But this was always a Suspect Scrip right from Listing two years ago….One simply should not have flirted with it ever…devil in disguise!?
Headed by Subhash and Amit Sharma,Resurgere had its IPO in August 2008 in the Price band of Rs 263 to Rs 272 and the Price was fixed at Rs 270….FV is Rs 10….IPO Size was Rs 120 crs with issuance of 44.50 lakh shares….It got listed on BSE and NSE on September 1,2008 and was clearly manipulated to zoom to close at Rs 524…next day it zoomed again to Rs 626…then dropped on the third day,fourth and fifth day to Rs 500,Rs 400 and Rs 300 respectively….and thus inside five days of Listing the IPO Investor Returns Story ended !….it’s been downhill since then and touched a woeful Rs 36 on March 9,2009….it was issued just six months earlier at Rs 270!
Resurgere is simply poisoning all those who are drinking it…it’s like being lured to vist those tempting ‘Girlie Bars’ only to get drunk and realise,a bit too late, on getting sober that you’ve been stripped and robbed after your drink was spiked !
Resurgere seems to be simply digging Mines to extract ore and dump and bury it’s Investors in !
I normally do not cover such companies that
Appear as a strong recommendation in repeated unsolicited SMSes
Appear regularly in Bulk Deals….Tool to rig volumes and prices to show false hyper activity
Auditors have been changed inside months of listing….Resurgere did so in June 2009
Earn well but skip dividends…creating doubt if earnings are truly genuine
New Non Executive & Independent Directors enter and exit the Board inside a year of the IPO as if it’s some Garden Party and they are merely Guests…have a look below
Directors who have exited
Pradeep Bishnoi…Appointed Whole Time Director post IPO on 16/10/2008….Resigned in eight months 19/6/2009
Aditya Singh…..Appointed Non Executive Independent Director on 16/10/2008…Resigned inside seven months on 8/5/2009
Suresh Kumar Singh….Appointed Non Executive Independent Director on 16/10/2008…Resigned inside eight months on 10/6/2009
I D Agarwal and Burzin Somandy…both Non Executive Independent Directors resigned in August 2010
Non Executive and Independent Directors just appointed in August 2010
Ashwin Shankar Iyer and Ajay Sethi
It is High time that SEBI must make it mandatory for resigning Directors to specify the real reason that they are resigning…and that too within months of being appointed
Post IPO GDR Issue,Conversion of Warrants and Announcement of Liberal Bonus and Split