Jan 9: Mumbai based Kapashi Commercial Ltd (BSE: 512399) engaged in providing diversified financial service, has hit a 52-week high on open offer to acquire 26% stake in the company.
The offer is to acquire 2,60,000 shares of face value of Rs 10 at a premium price of Rs 51.50 per share constituting 26% stake in the company by Mahendrabhai Gulabdas Patel, Munjal Mahendrabhai Patel and Shweta Samir Shah. The open offer was triggered after the promoters selling their stake to the three acquirers, as per a document filed with Securities and Exchange Board of India (SEBI).
The company was established in 1985. It earned a net profit of Rs 39.02 lakh in 2016-17 as against Rs 21.77 lakh the previous year. Total income has risen to Rs 77.03 lakh from Rs 39.75 lakh the previous year. Total income for September quarter was Rs 12.31 lakh while net profit was Rs 6.26 lakh compared to Rs 9.09 lakh the previous year.
Shares prices of Kapashi Commercial rose to a 52-week high of Rs 59.60 and is trading at a PE of 22 indicative of moderate valuation by market.