Brothers, I have 1000 unlisted shares of Vikram Solar. Till recently, the website from where I buy these shares has been after me to buy (more) at arount ₹250. Their argument was that the company had sold some equity at ₹180 to some investor, so it will not go down from there. It did.
The current price is around ₹220.
Now I have received a notice of their Extraordinary meeting where the company is offering these shares in many lakhs per such ‘non-promoter investors’ at ₹122.
My question is about legality of the company’s action. If it is offering at a certain price to some investors, shouldn’t it do the same in the case of all ‘non-promoter investors’? The question is about legality of the company’s action.
The company is coming out with IPO soon, their DRHP has been filed. So, before the IPO it sells to some entitities at ₹122, and may well come out with the issue at a much higher price. Clearly a case if undue enrichment?
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