with regards to Rights issue (calculations done only for 30/06/2023 issue, not for previous ones):
VP Nandakumar:
Shares subscribed: 16,012 Price:364; Total cost = (16012x364 = 58,28,368); Bonus Issue(26/08/2023): 2:1; Shares : 16012x3 = 48036. Total equity base: 200,283,372. Based on this Enterprise valuations at which Rights issue done: 2418 cr.
Shares subscribed by Manappuram in (4120879 no of shares) Rights issue: 4023144; Proportion: 97.62%. Current stake (pre-issue): 97.59%. Based on arithmetic, Manappuram subscribed to more shares it was entitled to, if minuscule in size.
Shares subscribed by VP Nandakumar in (4120879 no. of shares) Rights issue: 16012; Proportion: 0.388%. Current stake (pre-issue): 0.388%. Based on arithmetic, VP Nandakumar subscribed to similar shares it was entitled to (did not verify with higher decimal places).
Everybody is welcomed to form their judgements about valuations at which rights issue was done.
Promoters investing in personal capacity is also subjective, sometimes it is seen in positive light (skin in the game if not short changing others)
I was unable to find if VP Nandakumar took any remuneration or sitting fees. May be I missed it.
Disclosure: Invested.
PS: I would have liked if Asirvad got de-merged first and its shares were issued to minority shareholders. May be I would have sold my stake in Asirvad and practically brought overall cost of acquisition for Manappuram shares down. Similar to what happened in NMDC Steel de-merger and separate listing.
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