Wabco India- Open Offer Details and Key Financials

 

10/08/2020

WABCO 

Market Cap: 13273 Rs crs

52 Week H/L: 7018/5296 

Year

CMP Fv Equity Capital Net Worth Long Term Debt Total Income PAT BV EPS P/E P/BV Promoter’s Holdings
Rs Rs Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Rs %
Q1 21 7000 5 9 1749 179 -31 922 -16.54 7.59
2019 7000 5 9 1780 2926 282 939 148.73 47.06 7.46 75
2018 7000 5 9 1526 2660 273 805 143.88 48.65 8.70

 

Wabco India is in the Commercial Vehicles Segment. The merger will help advance technologies and help innovate in the Commercial Vehicles segment. 

 

Details of the Offer:

The Open offer is for the acquisition of up to 4,741,900 (four million seven hundred forty-one thousand nine hundred only) fully paid-up equity shares of face value of ₹ 5 each of Wabco India limited (“target company”), representing 25%  of the total fully paid-up fully diluted voting equity share capital of the target company from the public shareholders of the target company by ZF Friedrichshafen Ag (“acquirer”) together with Wabco Asia private limited and LucasVarity. 

 

The offer price is Rs 7,067.51 per offer share, totalling to Rs 3351.34 crore.

Date of commencement of tendering period (Open Offer opening date) – 13th August (Thursday) 

Date of closure of tendering period (Open Offer closing date) – 26th August (Wednesday) 

 

Daily Notifications as on 10th August 2020

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200810-60

1. Scrip code : 718852
Name : Reliance Industries Ltd
Subject : Composite Scheme Of Amalgamation And Plan Of Merger Amongst Reliance Holding USA Inc. And Reliance Energy Generation And Distribution Limited, Both WOS Of Reliance Industries Limited (RIL) And RIL And Their Respective Shareholders- Further Update
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Composite Scheme of Amalgamation and Plan of Merger amongst Reliance Holding USA Inc. (‘RHUSA’) and Reliance Energy Generation and Distribution Limited (‘REGDL’), both wholly-owned subsidiaries of Reliance Industries Limited (‘RIL’) and RIL and their respective Shareholders (‘Scheme’) – Further update

2. Scrip code : 533274
Name : Prestige Estates Projects Limited
Subject : Clarifies on news item
With reference to news appeared in https://realty.economictimes.indiatimes.com/ dated August 10, 2020 quoting “Blackstone set to acquire Prestige Group’s assets for Rs 12,745 crore”, Prestige Estates Projects Ltd has submitted to BSE a copy of Clarification is enclosed.

Daily Notifications as on 7th August 2020

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200807-44

1. Scrip code : 532955
Name : REC LIMITED
Subject : Approval Of Scheme Of Amalgamation Of Wholly Owned Subsidiaries Of REC
In compliance with the provisions Regulation 30 read with Schedule III of SEBI (LODR) Regulations 2015, this is to inform that the Board of Directors of REC Limited, in its Meeting held on August 7, 2020, inter-alia approved revised Scheme of Amalgamation of REC Transmission Projects Company Limited (‘Transferor Company’) with REC Power Distribution Company Limited (‘Transferee Company’), wholly owned subsidiaries of REC, subject to requisite approvals.

Daily Notifications as on 6th August 2020

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200806-39

1. Scrip code : 500189
Name : NXTDIGITAL LIMITED
Subject : Approval Of The Scheme Of Arrangement Between Indusind Media & Communications Limited And NXT DIGITAL LIMITED And Their Respective Shareholders, By National Company Law Tribunal.
Further to our letter dated July 15, 2020, towards intimation of the final hearing scheduled on July 28, 2020, towards the scheme of arrangement between IndusInd Media & Communications Limited and NXTDIGITAL LIMITED and their respective shareholders by which Media and Communication undertaking of IMCL will be demerged into the Company. In this regard, we would like to inform you that the National Company Law Tribunal, Mumbai Bench has approved the aforesaid scheme today, August 6, 2020. On receipt of a copy of the final order of the Hon’ble NCLT, as soon as received, we will submit the same to the exchanges. Consequent to this order and filing of the order with the Ministry of Corporate Affairs all listing formalities are expected to be completed within the month of August 2020. The intimation of the date of the Board meeting to declare the restated accounts for March 31, 2020 consequent to merger and Q 1 results on the merged basis in August 2020 will be communicated separately.

2. Scrip code : 500469
Name : Federal Bank Ltd.
Subject : Updates On Acquisition Of Shares Of IDBI Federal Life Insurance Co Ltd
Updates on Acquisition of shares of IDBI Federal Life Insurance Co Ltd

3. Scrip code : 542351
Name : Gloster Ltd
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Sub: Hand over of management and control of M/s. Fort Gloster Industries Ltd. (Corporate Debtor) to Gloster Limited (successful Resolution Applicant) In continuation to our letter dated 1st October 2019 where in we had intimated that National Company Law Tribunal (Kolkata Bench) CNCLT”), vide its order dated September 27,2019, has approved the resolution plan submitted by Gloster Limited (the Company) for acquisition of Fort Gloster Industries Limited under the Corporate Insolvency Resolution Process (”CIRF) of the Insolvency and Bankruptcy Code 2016 (IBC), please note that the Company has completed payment of Rs. 72 crore as envisaged in the Resolution Plan on 04.08.2020. Consequently the Monitoring Committee has today i.e. 05.08.2020 handed over the management and control of M/s. Fort Gloster Industries Ltd. (Corporate Debtor) to the Company. We request you to take the above on record.

 

Great Eastern Shipping Company Ltd

    Great Eastern Shipping Company Ltd

Shipping
FV – Rs 10; 52wks H/L – 369.35/168.95; TTQ – 12 K; CMP – Rs 270 (As On August 5, 2020);                     

            Market Cap – Rs 3968 Crs

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)

 
Equity Capital

Net worth
Debt
Total
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

Industry P/E

P/BV

Promoter’s
Stake
FY20 146.97 6796 4786 3948 207 462 14 19.3 10.66 0.6 28.83
Q1 FY21 146.97 7264 4786 1196 468 494 32 8.4 10.66 0.5 29.13

 

Debt to Equity – 0.7

ROE – 3.04%

Market Cap/Sales – 1

  • On May 30, the Mumbai-based company’s board approved a proposal to incorporate a wholly owned subsidiary – Great Eastern Services Ltd. (https://www.thehindubusinessline.com/economy/logistics/great-eastern-shipping-ventures-into-third-party-ship-management/article31786445.ece#)
  • During the year, the company declared and paid first interim dividend of Rs. 5.40 per share. Subsequent to the end of the year, they declared second interim dividend of Rs. 2.70 per share. (total dividend Rs. 8.10 per sahre)
  • During the year the company announced buyback of its equity shares from the open market through stock exchanges at a price not exceeding Rs. 306 per share for an aggregate amount not exceeding Rs. 100 crore. . The Company bought back 3810581 equity shares of Rs. 10 each for an aggregate amount of Rs. 99.94 crores. The highest, lowest and average market price at which the shares were bought back was Rs. 305, Rs. 221 and Rs. 261.60 per share respectively.
  • The company achieved an operational efficiency of 99.5% on the shipping fleet.

Overview:

  • G E Shipping is India’s largest private sector shipping service provider enjoying a formidable presence in the international maritime industry. The shipping business operates under two main businesses: dry bulk carriers and tankers.
  • Backed by an enviable clientele comprising industry leaders, international oil companies and governments who vouch for its services, the division has earned the status of being the most preferred shipping service provider.
  • With a pulse on the global market and a thorough understanding of the ever-evolving market needs, the division is well-equipped to anticipate the demands of its clients and to deliver on its commitments, successfully and satisfactorily.
  • As at 31st March 2020, the fleet size stood at 46 ships aggregating to 3.70 million dwt, with an average age of 12.20 years. During the financial year, the company delivered to buyers a Very Large Gas Carrier (VLGC) which it had contracted to sell in FY 2018-19, and also sold and delivered to the buyers a Suezmax crude carrier.

 

Source : Investor Presentation

Shipping Fleet Breakup:

Source : Investor presentation

Management:

  • K. M Sheth – Chairman
  • G. Shivakumar – CFO

Shareholding Pattern:

Major Holdings:

Non – Promoter No. of shares held % shares held
ICICI Prudential Value Discovery Fund 11707214 7.97
HDFC Small Cap Fund 4550858 3.1
UTI – Core Equity Fund 2668979 1.82
SBI Large & Midcap Fund 7908359 5.38
Fidelity Puritan Trust 4700000 3.2
Franklin Tempelton Investment Funds 2672519 1.82
Nalanda India Equity Fund Ltd 10524139 7.16
GIC of India 2964511 2.02
ICICI Prudential Life Insurance Co. Ltd 2018477 1.37

 

Share Price Trend:

Share Price Snapshot:

Year Open (Rs.) High (Rs.) Low (Rs.) Close (Rs.)
2015 365 420 326.75 369.8
2016 368 397.6 275 362.75
2017 364.25 477 350 399.05
2018 400.95 482.4 266.1 317.2
2019 317.55 330.65 212.2 298.75
2020 299.55 369.35 168.95 276.05

 

Source : Investor Presentation

Financial Trend: (Rs. Crs unless specified)

Source : Annual Report

Segment Revenue:

Source : Company Results

Peer Comparison:

Particulars GE Shipping Shipping Corp
Face Value (Rs.) 10 10
CMP (Rs.) 270 55
52 week high/low (Rs.) 369.35/168.95 69.8/24.85
Market Cap (Rs.Crs) 3968 2578
Equity Cap (Rs.Crs) 146.97 465.8
Networth (Rs.Crs) 6796 7484
Debt (Rs.Crs) 4786 3663
Sales (Rs.Crs) 3948 4105
PAT (Rs.Crs) 201 -63
EPS (Rs.) 14 -1.4
Book Value (Rs.) 462 161
P/E 19.3 NA
P/Bv 0.6 0.3
Fleet Size (Nos.) 46 60

 

Daily Notifications as on 5th August 2020

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200805-33

1. Scrip code : 540726
Name : Trident Texofab Limited
Subject : Intimation Of Record Date For Issue Of Bonus Equity Shares
This is further to our letter dated June 25, 2020 intimating the Issue of Bonus Shares, which is subject to approval of the shareholders. Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has fixed Wednesday, August 12, 2020 as the Record Date to determine eligible shareholders entitled to receive the Bonus Equity Shares. Kindly take the above on record.

2. Scrip code : 531065
Name : Oswal Overseas Ltd
Subject : Corporate Action-Intimation of Sub division / Stock Split
This is to inform you that in terms of Regulation 42(2) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, August 14, 2020 as the Record date for determining the eligibility of shareholders with regards to sub-division of 1 Equity Share of nominal value of Rs. 10/- (Rupees Ten only) each fully paid up into 2 Equity Shares of Re. 5/- (Rupees five only) each fully paid up. In this regard, please find enclosed the documents required to be submitted for the subdivision of Equity Shares of the Company. We further agree to ensure that the time gap between the two record dates will be at least 30 days. We request you to kindly take the above on record.

3. Scrip code : 540879
Name : Apollo Micro Systems Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
In continuation to our announcement dated 12th May, 2020 and 05th February, 2020 (letter dated 4th February, 2020) we wish to inform you that ‘Ananya SIP RF Technologies Private Limited'(‘ASIP RF’) has become the subsidiary of our Company with effect from 3rd August, 2020 pursuant to the acquisition of 2,10,940 equity shares of ASIP RF constituting to 51% equity stake

Daily Notifications as on 4th August 2020

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200804-42

1. Scrip code : 501111
Name : Gold Rock Investments Ltd.
Subject : NCLT Order Dated July 24, 2020 Has Sanctioned The Scheme Of Amalgamation Under Section 230 To 232
Pursuant to Regulation 30 and 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we would like to inform you that the Board of Directors of the Company at its meeting held today i.e. on Friday, July 31, 2020 inter alia:5. Considered and update the NCLT order dated July 24, 2020 has sanctioned the Scheme of Amalgamation under Section 230 to 232 and other applicable provisions of the Companies Act, 2013 between seven wholly owned subsidiaries of Gold Rock Investments Limited viz. (i) Blue Point Leasings Limited; (ii) Gold Rock Metals Limited; (iii) Sugata Investments Limited; (iv) Gold Rock World Trade Limited; (v) Gold Rock Agro-Tech Limited (vi) Picanova Investments Private Limited; (vii) Tridhar Finance and Trading Limited; (collectively “Transferor Company”) and Gold Rock Investments Limited (Transferee Company)

2. Scrip code : 542323
Name : K.P.I. Global Infrastructure Limited
Subject : Intimation Of Terminating 213.75 KW Solar Power Plant Under Captive Power Producer (‘CPP’)
KPI Global Infrastructure Limited has informed BSE that it has have received the request letter from M/s. Govindam Knit Fab, Surat for terminating 213.75 Kw Solar Power Plant under ‘Captive Power Producer (CPP)’ segment of the Company. The Company has accepted the termination. Disclosure is attached herewith.

3. Scrip code : 539551
Name : Narayana Hrudayalaya Limited
Subject : News About MMI Narayana Multispecialty Hospital, Raipur In An IBC24 Hindi News Channel
News about MMI Narayana Multispecialty Hospital, Raipur in an IBC24 Hindi News Channel

4. Scrip code : 526371
Name : NMDC Ltd
Subject : Prices Of Iron Ore W.E.F. 31-07-2020
Sub: Prices of Iron Ore w.e.f. 31-07-2020 – Reg Kindly note that the prices of Iron Ore w.e.f. 31-07-2020 has been fixed as under: i) Lump Ore (65.5%, 6-40mm) @ Rs. 2,650/- per ton ii) Fines (64%, -10mm) @ Rs. 2,360/- per ton Note: The above FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee and other taxes.

5. Scrip code : 513262
Name : Steel Strips & Wheels Ltd
Subject : SSWL Receives New Orders For Over USD 1.3 Mn From US
SSWL is glad to inform that it has bagged firm export orders for over 116,000 wheels for US Caravan Trailer Market to be executed in the month of October from its Chennai plant. Inflow of more orders is expected to come from various other customers as the market gains stability. Production at the Chennai steel wheel plant will further ramp up with such developments.

Daily Notifications as on 3rd August 2020

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200803-43

1. Scrip code : 500570
Name : Tata Motors Ltd.
Subject : Announcement under Regulation 30 (LODR)-Meeting Updates
Extension of date for completion of the Conditions Precedents mentioned in the Scheme of Arrangement between the Company and Tata Advanced Systems Limited (‘TASL’/ ‘Transferee Company’) for transfer of Defense Undertaking (‘the Scheme’)