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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CINV - GUAR capital requirment for JKH Rights

CINV - GUAR capital requirment for JKH Rights

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Prince

Prince
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
According to the last publised annual reports CINV is holding 1,610,641 JKH shares in their investment portfolio while , GUAR with massive 12,861,170 shares.

CINV needs 43,363,412/- to accept the Rights and GUAR needs 346,262,269/-.

If GUAR to hold the same portfolio for another 3 years and to exercise 2 warrents of the JKH , the total capital requirement is Rs. 596,890,197/- ( 2 rights @ 175/- 2 warrents @ 185/- and 195/-)


Both companies might have to issue a Right issue to bridge the capital requirement in near future.


RENU is having a small portfolio of JKH compared to above - 350.076 shares. Capital requirement for rights - Rs 9,425,123/- While CFLB who holds 120,355 requires Rs 3,240,327/-.








Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good one. but you missed DIST...They too hold over 4 mn...But for them, they could pay from their profit....Not need any rights for them...

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Prince wrote:According to the last publised annual reports  CINV is holding 1,610,641 JKH shares in their investment portfolio while , GUAR with massive  12,861,170  shares.

CINV needs 43,363,412/- to accept the Rights and GUAR needs 346,262,269/-.

If GUAR to hold the same portfolio for another 3 years and to exercise 2 warrents of the JKH , the total capital requirement is Rs. 596,890,197/-  ( 2 rights @ 175/- 2 warrents @ 185/- and 195/-)


Both companies might have to issue a Right issue to bridge the capital requirement in near future.

CINV & GUAR own the JKH stake throught their jointly owned private company RIT.
RIT (Rubber Investment Trust) is in the top twenty shareholder list of JKH.
If you check JKH shareholder list between 31st December 2012 and 31st March 2013, RIT has sold nearly 3 million JKH between Rs 220 and Rs 240. Then between 1st April 2013 and 30th June 2013, they have sold further 600,000 JKH between Rs 243 and Rs 299.80.
CINV & GUAR (Including RIT) together have approx Rs 3.2 Billion in Cash as at 30th June 2013 (check GUAR 30th June 2013 Balance Sheet).
No need for Rights issue on account of JKH.
They have plenty cash to take their Rights and may have anticipated this by selling JKH between Rs. 230-290 levels.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
and what about Kandiah.

To put it in perspective, the LOLC market cap is 23.8b. LOLC has more total assets than JKH though it has debt issues .....

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@rainmaker wrote:and what about Kandiah.

To put it in perspective, the LOLC market cap is 23.8b. LOLC has more total assets than JKH though it has debt issues .....

Kandiah is happily playing golf these days.
Junior (who was in charge of structuring the financing) will be chairman in the waterfront era !
I have this nagging feeling that this entire Rights Issue is unofficially underwritten by a foreign / sovereign / strategic type Investor. Perhaps the Rights Issue is to pacify other large shareholders who may have grumbled about dilution if it was placed privately.

Forget LOLC - It is going, going .......Wink

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Rainmaker is baffled by LOLC financials assets

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@The Alchemist wrote:[
I have this nagging feeling that this entire Rights Issue is unofficially underwritten by a foreign / sovereign / strategic type Investor. Perhaps the Rights Issue is to pacify other large shareholders who may have grumbled about dilution if it was placed privately.

Real food for throught ;-). Saw some news items about a private placement before.

econ

econ
Global Moderator
Do captains have enough cash to grab rights?

chami123


Stock Trader
as at 31 june GUAR has Rs 3 Bn short term deposit.it wont be a big deal.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@The Alchemist wrote:I have this nagging feeling that this entire Rights Issue is unofficially underwritten by a foreign / sovereign / strategic type Investor. Perhaps the Rights Issue is to pacify other large shareholders who may have grumbled about dilution if it was placed privately.
Most probably yes.
That means no room to play additional rights game ...

Also feeling hot about JKH warrants ..

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