Financial Daily
from THE HINDU group of publications
Wednesday, July 25, 2001
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Financial Daily from THE HINDU group of publications Wednesday, July 25, 2001 |
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Mindteck: Highly-priced preference, but....
The proposed preferential offer by Mindteck at a considerable premium to the market price may not lead to any significant improvement in the valuation of the stock. The board of directors is to meet on July 30 to consider and approve a preferential allot
ment at Rs 100 per share.
The company proposed to allot 2.85 million shares (which would raise Rs 28.5 crore) to shareholders of Infotech Holdings Inc. The fact that the offer is priced at almost four times the current market price may leave the valuation unchanged. The near-term
trends may be dictated more by the kind of earnings and revenue numbers (these are also to be considered at the board meeting) for the year ended June 30 and the overall market sentiment for tech stocks. At best, the stock price may stay range-bound at
around the current price level of Rs 23. -- BL Research Bureau
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