Contrary to my observations
http://lalitlk-lalit-lk.blogspot.com/2012/06/vardhman-acrylics-buy-back-is-destined.html
Significantly, 2,67,86,566 shares (out of 7,40,67,987 shares delivered during 01/04/2010 & 12/06/2012) were traded in the price range of Rs. 12 or lower
Even then Company managed to cross 85 lakh shares in their open market buy back with out price reaching 12 rupee mark showing absolute lack of confidence in the Oswal management.
As on 30th September 2012, there is change in shareholders profile as summarised below:
20 Bodies Corporate disinvested 27,80,337 shares,
818 Individuals (with 9999 or less shares) disinvested 13,42,407 shares
69 Individuals (with 10000 or more shares) disinvested 26,62,878 shares
6 NRIndividuals disinvested 37,811 shares
1 Trust invested 5,000 shares
As on 2nd November 2012, a total of 85,20,231 shares were acquired well below 12 rupees mark & in the process created wealth (conservatively estimated at rs. 8.5 crores) for residual shareholders (mainly Oswal holding 6,45,70,362 shares) (Percentage being increased from 59.49 to 64.57) as the cost of acquisition is below book value.
