Even if they made decent money of HDFC bank still timing is just too convinient. Also for preferential warrants one should be always sceptical in my belief. Nobody knows better than promoter as to what is the expected growth we depend heavily on guidance numbers from promoters to establish a stock value. So it’s never a risky bet especially if preferential warrant price is below current price. In this case it was ~9% below so promoter did take some buffer there so don’t believe there was lot of risk involved in taking those bets.
Also yes I agree it is wrong to have conclusions based on assumptions rather than facts. Although even if sales of shares was profitable still there is no denying the fact the promoter made more than company made in 2 quarters.
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