IDBI Trusteeship sells 13% in Hanung, stock down 67% in Aug

IDBI Trusteeship Services offloaded shares worth Rs 6.07 crore (or 13.2 percent of total paid up equity) of Hanung Toys and Textiles via nine block deals in August.
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Sep 02, 2013, 08.45 AM | Source: Moneycontrol.com

IDBI Trusteeship sells 13% in Hanung, stock down 67% in Aug

IDBI Trusteeship Services offloaded shares worth Rs 6.07 crore (or 13.2 percent of total paid up equity) of Hanung Toys and Textiles via nine block deals in August.

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IDBI Trusteeship sells 13% in Hanung, stock down 67% in Aug

IDBI Trusteeship Services offloaded shares worth Rs 6.07 crore (or 13.2 percent of total paid up equity) of Hanung Toys and Textiles via nine block deals in August.

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Moneycontrol Bureau

IDBI Trusteeship Services offloaded shares worth Rs 6.07 crore (or 13.2 percent of total paid up equity) of Hanung Toys and Textiles via nine block deals in August. The current market capitalisation of the company stands at Rs 35.88 crore.

The firm sold over 35 lakh equity shares in current month at an average price of Rs 18.6 apiece. The stock lost 67 percent from Rs 40.80 to Rs 13.55 in past one month. In three months, it shed nearly 89 percent from Rs 118 to Rs 41.

On August 30, more than 7.1 lakh equity shares were sold by IDBI Trusteeship Services at Rs 12.71 apiece on the National Stock Exchange and 3.44 lakh shares at a price of Rs 12.66 on the Bombay Stock Exchange.

The stock touched a record low of Rs 12.30 in early trade Friday, but from 10:55am onwards, it remained locked at 5 percent upper circuit at Rs 13.50 amid hefty volumes. There were pending buy orders of 345,420 shares, with no sellers available.

As per its filing on last day of July, Hanung Toys had initiated discussions with its lenders to restructure its debts through corporate debt restructuring (CDR) mechanism. Accordingly it had filled a flash report with CDR cell, Mumbai, on July 30, 2013. The restructuring of debts will result improvement in the liquidity of the Company, reduction in finance cost and strengthen the core operations, company said.

In a board meeting on August 14, the company had also withdrawn its recommendation of dividend .

"As the company is facing liquidity crunch and approached CDR for restructuring of existing debt. The Board of Director has decided to withdraw recommendation for the payment of dividend keeping in view the strong protest by the Banks against payment of Dividend as recommended by the Board of Directors in their meeting held on June 26 2013," Hanung said in its filing.

The stock will be quoting ex-split from September 12 onwards. It will split the face value of its equity share from Rs 10 to Rs 5.

Toys maker reported a loss of Rs 77.68 crore in April-June quarter as against profit of Rs 26.82 crore in a year ago period. Revenues during the same period fell from Rs 376.55 crore to Rs 319.12 crore.

Block deals of IDBI Trusteeship in August

Date Company Quantity Traded Price
30-Aug-13 Hanung Toys (BSE) 344000 12.66
30-Aug-13 Hanung Toys (NSE) 710953 12.71
26-Aug-13 Hanung Toys (NSE) 255618 15.09
23-Aug-13 Hanung Toys (BSE) 260000 15.76
23-Aug-13 Hanung Toys (NSE) 884607 15.77
14-Aug-13 Hanung Toys (NSE) 177882 21.25
13-Aug-13 Hanung Toys (NSE) 325000 22.52
7-Aug-13 Hanung Toys (BSE) 150999 25.92
7-Aug-13 Hanung Toys (NSE) 402866 25.73

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