The company came into my attention as multiple twitter handles simultaneously started projecting it as Special Situation.
The company is Himachal Fibres aka Rudra Ecovation.
The company had announced merger with Shiva Texfab - a related company.
Now, company is proposing to invest 150 Cr for 21.46% stake in Shiva Texfab → Valuing the entire company at approx. 750 odd Cr
As per the information submitted, Shiva Texfab is a textile company which had a turnover of 410 Cr in FY 24 as compared to 504 Cr in FY 23.
What interested me: When the whole is crying for retail investors to invest for once in a life time opportunity, one particular group is continuously selling after making almost 6x in less than 6 months.
As per exchange filings,
Anisha Fincap Consultants LLP and PACs purchased first shares on 24 - 08 - 2023 → Price was 6.93/-
By 26 - 10 - 2023, they had 7.79% stake.
Allotted 5,00,0000 convertible warrants at an issue price of 10/- on 8 - 11 - 2023. (Share price 19/-)
First selling came on 14 - 12 - 2023: Share price - 31/- (A cool 4.5x in 4 months)
And since then, continuous selling is there whereas price is going up on corporate developments.
There is another round of preferential allotment at 48/- : Another listed company Race Eco Chain is investing for 20,85,000 share / 10 Cr.
This - Race Eco Chain has amazing track record. It had subscribed for 43,50,000 warrants at 13/- in Prime Industries Ltd in April 2023, which will constitute almost 20% stake post conversion. Current share price of Prime Industries is 194/- (Almost 13x)
Both Race Eco Chain and Prime Industries have fixed assets of 2.87 Cr and 0.1 Cr as per September 2023 results and Current MCap of 547 Cr and 307 Cr respectively.
Rudra Eco investors are in good hands with glorious past.
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