GAEL is investing major portion of its cash generation i.e around 1000 crores over five years in fermentation plants/tech to develop high value added products.
This heavy investment by GAEL is/will be routed in subsidiary company “Maiz citchem”. MCL will be major growth and profit generator in near future with high margin value added products offerings.
Before Feb 2024 Maiz citchem was 100% subsidiary of GAEL. (Wholly owned subsidiary).
In February 2024, through private placement MCL’s equity was diluted and GAEL’s share has fallen to 75% !
The private placement was done to SMAS investors LLP. Simple google search shows that promoters i.e. Manish and shipa gupta are the only directors of SMAS investors LLP
Private placement is apparently done around throw away prices.
Now, I wonder why promoters are doing this ?
Are minority shareholders not short changed by all this jugglery ?
Any thoughts?
Enclosed:
49392193-84c4-4ec7-af61-d82106ec9d14 (2).pdf (264.9 KB)
Disc: invested
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