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Promoter shareholding changes
March 2019 - 62.99%
Number of equity shares - 64,74,125
Equity capital – 6.47cr
March 2020 - 62.99%
Number of equity shares - 64,74,125
Equity capital – 6.47cr
March 2021 - 62.99%
Number of equity shares - 1,13,29,716
Equity capital – 11.33cr
Promoter shareholding - 71,45,660 same as previous year
Bonus issue of 48,55,591 shares fully paid up bonus equity shares on Friday, July 24,
2020, in the ratio of 3:4
March 2022 - 58.07%
Number of equity shares - 1,92,56,701
Equity capital – 19.26cr
Promoter sold 9.65Lakh shares.
Promoter shareholding - 1,11,82,356 shares
Bonus Issued – 7,926,985 equity shares of Rs. 10 each through bonus issue vide exchange ratio 7:10
March 2023 - 36.03%
Number of equity shares –2,83,10,000 shares (Approx)
Equity capital – 28.31cr
Promoter shareholding - 1,02,00,093 shares
Promoter sold 9,81,910 shares
Bonus Issued – None.
Warrants - Issue Convertible Warrants to Non-Promoters of the Company on Preferential basis (Approx. 89,53,299 warrants issued as per my calculations)
As per my understanding promoters tried to please shareholders by issuing bonus shares in FY21 & 22, business continuously demanding more outside money as they are growing more than their means, so they had to issue warrants in FY23. As warrants were to issue to non-promoters, promoters shareholding further gone down.
Promoters sold 19.46 Lakh shares in Feb-May 2022, in that period stock was trading at 17 to 20 PE, which was a good time to sell. So basically there are two possibilities I see,
- Promoters took advantage of high market valuations, but it seems unlikely as it was bulk deals and shares mostly purchased by Thobhani family, Kebbehali Panchilingaiahumesh & Mahendra Pratapsinh Khengar, Together these people bought around 17,41,578 shares which is equivalent to sale of promoters. They may to be friends & relatives of promoter.
- Promoter may need money for his children to start new business, as per recent development of resignations of all children’s and appointment of new CFO, something is now well. May be children are unhappy with father’s decisions, maybe they want to do separate business.
As promoter is now flooded with money, there are chances that he can take advantage of low market prices to increase shareholding, but as per today’s company update, I think more of his son want to start own business, so may be part of this money not coming back.
New shareholders ie. Thobhani family, Kebbehali Panchilingaiahumesh & Mahendra Pratapsinh Khengar now may have part in decision making of company which seems good development as promoters are not good in handling finance.
As promoter shareholding is very low, they will try to increase it or try not to decrease it further by dilution, so chances of more dilutions are less and mindless growth should also settle to comfortable 20-25% a year.
Note : Not sebi registered analyst, this information is for study purpose only.
Invested, may be biased.
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