General Discussion

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  • #14348
    buffet
    Registered Boarder

    @rathi_b & team: Any discussion happened around pledged shares with SKR?

    @logan/@conservative_indian/@headstead
    As per the latest SHP, the pledge % is showing 4.73% i.e. 90 lacs from 19 cr shares. Does this mean that once SKR unpledge the remaining 4.73%(90 lac) shares, all 19 cr shares will move back to the promoter’s Demat account? Is it possible, that lenders would not return those shares or have already sold them to recover the debt?

    #14349
    radhutheoptimist
    Registered Boarder

    If the time period was in 2019 when share price was around 5 the value of the pledge would be not more than 50cr. Looks like promotors played a well calculated game and right now holding more than 30% and might have accumulated more through proxies.

    #14350
    smitsat
    Registered Boarder

    Related party transaction update on BSE

    #14351
    Logan
    Registered Boarder

    Unsecured loans given to MediaMint (Vuchi Media) is 195.19crs and equity investment is 168.86crs (close to 170crs). Totally they’ve paid 365crs to MediaMint.

    The deal is for 566crs. 360crs should be paid in cash, 170crs in equity and 36crs later in cash. So remaining they’ve to pay (165+36=201)crs.

    #14352
    Investor_2022
    Registered Boarder

    Dear Logan, does it mean BCG management has clarified that Mediamint acquisition is done? (that is 120 rupees per share cum bonus price)

    #14353
    Abhishek
    Registered Boarder

    what it looks to me “Since 65% of Mediamint deal payment done, means deal must be closed soon formally. For Mediamint too, there is no business case to cancel deal in current global market. Also Mr. Vuchi would have already started working on his next initiative by provisioning Mediamint deal amount”

    #14354
    Mundada
    Registered Boarder

    Still not clear regarding shareholding pattern.
    Number of promoters shares before 5 years 18 + crore.
    Maxi. Pledge 11+ crore during last 5 years.

    Therefore minimum promoter holding excluding pledge should be 7 crore plus bonus of 1 share for 4 shares. But on 5th April disclosure, promoters holding starting with 3+ crore before acquisition from llp.
    I think promoters holding must be low since long time

    #14355
    kiranj
    Registered Boarder

    In MC forum the change in the share holding pattern was well explained. Makes a lot of sense.

    #14357
    T9C
    Registered Boarder

    It’s clearly mentioned in the letter that promoters pledged their shares and it was executed and shares transferred to lenders. So I don’t expect those shares will come back. And also people are creating an impression that promoter holding will be 35% in next SHP. If it is still 18%,then make it as reason and again create negativity. Price is already down from 120 to 30 and all negatives should already be priced in. So expect promoter holding as 18% only in next SHP until they buy the remaining llps or buy shares from market.

    #14358
    chris
    Registered Boarder

    I think Skr should settle it once and for all, hoping it should be done in the next con call. Rest all are theories nothing is adding up to 100 percent, but the question to be asked is why the clarification wasn’t given earlier, or was it to use the negative market sentiment to get get rid of the weak hands(well I’m one of them too) by further creating more negativity.
    We’ll I think fundamentally the company is doing good and in the market there is always disparity between the actual business and price action.

    #14359
    Sumeshnair2005
    Registered Boarder

    Dear T9c from my experience of few shares which had promoters pledging whenever ur was invoked by the lenders and sold it was always informed to exchanges as promoters sell .. I had 2-3 times this exp .. this as skr mentioned was some other arrangement with lenders where they shifted to their account but still voting rights with promoters and it may come back once they clear their debt .. otherwise if lenders invoked them and sold it will be notified to exchanges .. I hope iam correct

    #14361
    m4max1979
    Registered Boarder

    Hi Guys,

    Could someone share the letter received from promoter/ company with regard to the shareholding pattern.

    Thanks.

    1+
    #14362
    Sobha
    Registered Boarder

    From Twitter

    1+
    #14363
    Sobha
    Registered Boarder

    2+
    #14364
    m4max1979
    Registered Boarder

    Thanks a lot Sobha.

    1+
    #14365
    m4max1979
    Registered Boarder

    My understanding from this letter is that the company merely removed the earlier shares pledged by the promoters from the promoters list in SHP even though the promoters hold the voting rights of those shares as per agreement.

    In that case, why are they still showing 1.05 crs shares which are pledged as part of promoter group in March 2022 SHP. Assuming that they have some other agreement for these pledged shares, am I correct in assuming that the promoters actually hold around 17% pledged shares from before and around 18.47% shares as shown in March 2022 thus totaling promoter stake of around 35.47%?

    If I remember correctly, the company had mentioned about promoter stake increasing to around 35% when sent notice about promoter becoming major partner in some of the LLP companies.

    #14366
    Sobha
    Registered Boarder

    I do remember, they mentioned 36% to be the promoter holding after acquiring the LLPs. But I couldn’t locate that letter now.

    #14367
    vgsatwork
    Registered Boarder

    I don’t think there is any letter or communication in the recent past from the company that implied that the promoter share holding is around 36%.

    Also, the letter that is addressed to the investor cell clearly states that “various of our Shares were pledged and the same was executed through transfer of shares” – This means that an unspecified number of shares from the promoter group that were pledged were sold (No timeline specified, but it appears to be much before Jan 2021 seeing the wording of the letter) with an agreement that the voting rights of the same was retained with the promoters and hence they were being shown as owned by promoter group and not even as Pledged (since it was executed). So, plain and simple truth is that the shareholders were technically being mislead by the promoters till they got the legal opinion sometime in Q1 FY22(just as the preferential warrants were being exercised by the LLP’s and bonus were issued). In other words, the only promoter shareholding number that was reliable was the Pledged shareholding numbers, because those were not executed and continued to sit in the demat account of the promoters. This letter does not mention as to on WHAT DATE this discrepancy was corrected and informed to the exchanges? Atleast I do not remember seeing any update to the exchanges.

    It is likely that the promoters were holding only about 11.73% stake (Pledged shared sitting in their demat account) whereas exercising 36.76% of voting rights(via this so called agreement wherein even though the share is not in their demat account, they continue to exercise voting rights – Legality of such move would be very dubious) as of Sep 2020 when all of a sudden they came up with a preferential warrant allotment of about 38 crore shares to all these LLP’s and we, the shareholders were discussing intensely the reason for such mass dilution of equity even as we were all expecting Line of Credit for working capital requirements.

    It appears that the whole drama about bringing in additional capital is only to issue warrants to these proxies and later bring them under promoter group through indirect acquisition and shore up their shareholding to a respectable 2 digit number and avoid hostile take over by any other companies.

    So, unless they bring in the remaining LLP’s into promoters fold, they are still at risk of losing the company through hostile take over bid. May be that explains the FPI and LLP holding still being significant.

    #14368
    vgsatwork
    Registered Boarder

    The fact that this letter to investor cell is also not being NOTIFIED through exchanges makes it all the more dubious – the claim of the promoter that the discrepancy was corrected and notified to the exchanges (We as shareholders did not see any exchange updates w.r.t this).

    Also, such letter signed by unnamed authority (though it appears like SKR signature, unless it has his name and designation below, you cannot assume it to be him) in BCG letter head, leaves SKR off the hook in case of any legal trouble that arises due to the content of this letter. It’s a smart move considering that they can later on claim that clarification on shareholding were notified to the exchanges (We as shareholders yet to see this letter to notice to exchanges)

    #14369
    vgsatwork
    Registered Boarder

    People seeing this letter circulating through social media assume what is not being implied in this letter (That the promoters would get these shares back in their demat account). The only thing that promoters are going to get are the shareholding of the LLP’s through indirect acquisition like the one that we saw last quarter.

    Also, people are spreading theories that there is 20% shareholding sitting in escrow account due to LODR regulatory requirement and that it would come back once preferential allottees make their payment. If there is such noble reason (regulatory requirement), it would have been the first thing to have been disclosed by the management voluntarily and clarified more than once that it would come back to them and there would not be any change in promoter stake.

    Keeping the shareholding as mystery helps the promoters cause in avoiding hostile take over bid of the company, but is destroying shareholder value. But the promoters seems to have set their priorities very clearly to keep this SHP story as grey area as possible and as long as possible giving them time to get their stake through indirect acquisition..

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