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SPIC ---the petrochemical / fertilizer l industry is deep in the red now. But some time ago I read a statement in a prominent economic site that it will soon become the Infosys of fertilizers. Are these the gimmicks of the promoters to boost the share price and then offload their stake in the market? Who can protect the poor shareholders from such dirty games played by the promoters?

Asked by Good Citizen, 08 Jan '10 12:45 pm
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There are lot of rumours going on about SPIC. This had happened about 4 or 5 years ago where a revival programme was mooted. God knows what happened to that. The last FY saw it incurring a loss of 340 crores. This year in the first half, they have run up a net loss of 80 crores, which would be much more once they consolidate the figures for this FY. With a paid up equity of 108 crores shares of face value Rs. 10, of which around 49 crores are public holding, this stock has remained suppressed in the market as market sentiments have never been upbeat on this for the past 8 years or so.

It has a total outstanding debt of approx. 2800 crores. They have been running from pillar to pillar to get some debt refinancing to ensure that the operations dont fold up or the company doesnt go down the drain. There are reports that ARCIL (Asset Reconstruction Company of India has taken over 80% of this debt and they are in the process of auctioning off something like 15 properties. The plan is fo ...more
Answered by Omega, 08 Jan '10 05:34 pm

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