This is a fake counter with operator play because Promoters ( like you) want to sell their stake at the cost of poor retail investors. RI's pls look at the share pattern b4 u invest . Promo stake is down from 95.14% to 84.25 %. Also Retail invest's % incr from 1.81% to over 5%. Will any person with sense sell a very good business (as u claim)? Also why such a good project (as u claim) is not interested by PE firms / venture capital co's. I leave it to Retail investors to decide whether they want to burn their hard earned money or look out for other right steel co's. thanks
About: Company: Facor Steels Ltd.
Can I know that what exactly you want to say , Whether to buy this script or sell it out. Please let me know. Waiting for your reply.
BSE 532657; CMP Rs 7
The Saraf family owned Nagpur based Alloy Steel Manufacturer FACOR Steels may soon find itself into the arms of Larsen Toubro, if market grapevine is to be believed.
The take-over price being whispered is Rs 25 per share valuing FACOR Steels at Rs 500 crore. The transition can be done easily, as the Sarafs and their co-promoters own 86 per cent of the Equity which they have been regularly selling in the open market. For instance, Cornell Corporation has sold close to 13 per cent of the Equity out of its 23 per cent stake in the company. While Saraf family members too have found the current buoyancy suited to Sell their stock in the open market.
So instead of doing piecemeal selling, the management might do well to sell the entire unit at one go. This is important as the Sarafs have to support two more equally weak entities FACOR Corporation and Facor Alloys, and fund infusion will help the ...more