Zenith was allotted bonus as well as converted equity shares as per the company release on Feb 28. Converted shares were allotted upon payment to JTL.
Technically JTL would have nothing to do with Zenith’s shares being frozen. But I feel that the street is having concern whether management is involved in any way or not.
Zenith holding seems <1% so not very concerning…but I think management should issue some clarification which would help the street.
Valuation-wise the stock is a buy but this event is an overhang coupled with a bearish market trend.
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