The company's promoter would sell 28,57,744 equity shares in the OFS, the floor price for which would be decided after tomorrow market close. As per today's closing price of Rs 1,955.45, these shares would be worth about Rs 559 crore. The upcoming share sale follows a prolonged regulatory battle between Gillette India's promoters and the Securities and Exchange Board of India (Sebi).
Ahead of the share-sale on November 13, BSE would conduct a mock session tomorrow for the OFS. Earlier in September, Gillette India had announced a fresh plan to meet Sebi's minimum public holding norms under which its US-based promoter P&G and Poddar Group would sell part of their respective holdings.
As per the plan, P&G would sell 0.9 per cent stake, worth about Rs 66 crore at current market value, Poddar Group would also bring down their holding to below 5 per cent through part sale of equity. Further, SK Poddar and A Poddar will step down from the Gillette India board and on approval of the resolution passed by Gillette India shareholders in a general meeting or a
postal ballot.
The remaining shareholding of the Poddar Group shall be considered as public shareholding. Sebi had earlier imposed certain penalties on the
company's promoters for failing to comply the shareholding rules. As per minimum public shareholding norms, promoters can not hold more than 75 per cent in any listed company in the private sector.
Gillette India is jointly promoted by The Procter and Gamble Co and Poddar Group. Promoters hold 88.76 per cent in Gillette. In 2012, the company had proposed a three-stage plan to bring down the promoter holding to 75 per cent, which was turned down by Sebi as it involved re-classification of a top company executive as non-promoter entity.
Gillette India stock price
On November 11, 2013, Gillette India closed at Rs 1955.45, down Rs 37.95, or 1.9 percent. The 52-week high of the share was Rs 2600.00 and the 52-week low was Rs 1938.70.
The company's trailing 12-month (TTM) EPS was at Rs 23.77 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 82.27. The latest book value of the company is Rs 199.24 per share. At current value, the price-to-book value of the company is 9.81.
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