Vatsa tops NSE market cap list
Bright Star to raise offer price for VST

 
 
VATSA TOPS NSE MARKET CAP LIST 
 
 
FROM SATISH JOHN
 
Mumbai, June 2: 
This even beats ‘Ripley’s believe it or not’. Little known Vatsa Music has overtaken the Goliaths of corporate India in market capitalisation on the National Stock Exchange.

While Vatsa, which is supposed to own a music channel and is also known to have interest in movie business, notched up a market cap of Rs 68,587 crore as on March 31 this year, Hindustan Lever, the consumer goods major, is a distant second with a market cap of Rs 48,141 crore.

Third in the queue is Reliance Industries of the Ambanis which is valued at Rs 41,049 crore, followed Azim Premji’s Wipro Ltd (Rs 31,109 crore) and Infosys Technologies (Rs 21,546 crore).

The figures have been collated from a NSE report on the top 50 companies as on March 31 this year.

Interestingly, very little is known about Vatsa’s activities and businesses. In fact, the authorities of NSE and the Bombay Stock Exchange had several standoffs with the management of Vatsa Corp which was later rechristened as Vatsa Music.

The balancesheet of Vatsa Music shows that as on January 31 the net paid-up equity capital of the company was at over Rs 522 crore. While the total sales of the company was a paltry 21.90 crore, its assets were estimated at Rs 3,078.46 crore.

On the stock market, the Vatsa group has a dubious record and, at one point of time it had the maximum number of shareholders’ complaints against it. The Securities and Exchange Board of India had also initiated several steps to rein in the management.

The company which had delisted itself on the BSE, was barred from trading for sometime on the NSE last year. The suspension was, however, revoked on October 11.

The Vatsa group also goofed up on its various deposit schemes and its directors were accused of failing not only to pay interests but also to return the principal amount. A court case was lodged .

   

 
 
BRIGHT STAR TO RAISE OFFER PRICE FOR VST 
 
 
FROM OUR CORRESPONDENT
 
Mumbai, June 2: 
The offer and counter-offer war for the control of Hyderabad-based VST Ltd is set to escalate with Bright Star Investments Ltd likely to raise its bid to over Rs 125 per share, the revised price that was quoted by Russell Credit, the ITC subsidiary.

Sources said Bright Star Investments has prepared its revised offer document and the same would be delivered to the Securities and Exchange Board of India (Sebi) on Monday.

John Band, CEO of ASK-Raymond James which is managing Bright Star’s offer, confirmed the move and said the price will be announced tomorrow. With Russell Credit raising the price to Rs 125 from Rs 120 earlier, it is speculated that Brightstar may come up with a price of around Rs 130 per share.

According to the Sebi takeover regulations, Bright Star has to better its offer over Russell’s latest bid of Rs 125 per share. Band, however, refused to divulge any details on the price.

   
 

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