In an interview to CNBC-TV18 Y Kamesh, MD of Sujana Towers , says post the preferential issue the promoter group shareholding has gone up to 47.5 percent.
The promoters have plans to infuse Rs 145 crore, out of which Rs 107 have already come into the company, says Kamesh.
Sujana Towers board of directors approved the resolution to issue 1,09,26,052 equity shares of Rs 10 each at an issue price of Rs 27.50 per share to promoters, in compliance with the terms and conditions of corporate debt restructuring CDR package. This is subject to the approval of the members of the company.
The current debt for the company stands at Rs 600 crore including both fund based and non-fund based, says Kamesh.
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Below is the transcript of Y Kamesh's interview with Nigel D'Souza and Reema Tendulkar on CNBC-TV18.
Reema: Can you walk us through this preferential issue to the promoters, how much are you looking to raise via this, what will be the equity dilution and now what will the promoters stake go up to?
A: As of now yesterday, the board has decided to allot about 10.9 million shares to the promoters at a price of Rs 27.50 per equity share. With this, the promoter group shareholding goes up to 47.5 percent.
The promoters are planning to infuse an amount of Rs 145 crore out of which about Rs 107 crore has already been bought in as of date. This is in compliance with the requirements of the debt restructuring exercise the company has undertaken. Over a period of time, I am sure that this amount would be allotted to the promoters abiding by the Securities and Exchange Board of India (SEBI) guidelines at this point of time.
Nigel: You said that in fact promoter holding is going to go to around 47 percent. Prior to this particular issue, the promoter holding was at around 36 percent but 99 percent of it was pledged - could you take us through some details, where has this been pledged, why exactly has it been pledged and can we see this fresh issue also come in, could that also be under the threat of some pledge?
A: There is no threat of any invocation on the pledge. Pledge is a routine compliance matter with the banks, whenever a company goes for the restructuring of its debt obligations, it is one of the conditions that the promoter has to pledge all his shareholding to the CDR empowered committee. So it is a technical matter and a routine matter. It is not a pledge that has been done to raise the funds; the pledge is only to comply with the CDR requirements.
Nigel: Also your net debt has skyrocketed in excess of around Rs 1,500 crore if I am not mistaken, could you take us through what is the current net debt?
A: Our current cash credit limit is about Rs 599 crore including both fund based and non-fund based. The infrastructure sector in the country is going at a very fast pace and as such a lot of funds are required. In fact we have exceeded the targets that we have told CDR. It is my proud privilege to say as against Rs 33 crore of the loss that we have projected for the previous financial year March 2014, we came out with a profit of Rs 1.43 crore. This year too we are planning to exceed our targets by almost 15 percent and also increase the profitability.
With this backdrop, I am sure the thrust for funds is lot and based on that we are going in for the higher debt for equity infusion as the situation warrants.
Nigel: What is the current debt?
A: The current fund based and non-fund based debt is about Rs 600 crore.
Sujana Towers stock price
On July 14, 2014, Sujana Towers closed at Rs 18.75, up Rs 0.85, or 4.75 percent. The 52-week high of the share was Rs 32.75 and the 52-week low was Rs 6.12.
The company's trailing 12-month (TTM) EPS was at Rs 0.35 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 53.57. The latest book value of the company is Rs 148.06 per share. At current value, the price-to-book value of the company is 0.13.
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