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India Foils to re-list today
India Foils is all set to re-list today. Trading in the company was halted after it was referred to the Board for Industrial and Financial Reconstruction or BIFR. India Foils was acquired by Ess Dee Aluminium in November, 2008 and was referred to the BIFR after that.
India Foils is all set to re-list today. Trading in the company was halted after it was referred to the Board for Industrial and Financial Reconstruction (BIFR). India Foils was acquired by Ess Dee Aluminium in November, 2008, and was referred to the BIFR after that. The company went through various rehabilitation exercises in the past one year. Its last traded price was Rs 13 per share on the BSE. The company is EBITDA negative right now and the management expects the company to turn it to EBITDA positive in the next two quarters.
Here is a verbatim transcript of Archi Damania's comments on CNBC-TV18. Also watch the accompanying video.
India Foils was acquired by Ess Dee Aluminium in November 2008 post which it was referred to the BIFR. In the past one year, there have been various rehabilitation exercises on this company and now India Foils is going to be re-listed. The last traded price of India Foils was Rs 13 on BSE and it is very difficult to value this company because this company is EBITDA negative right now. However the management expects that India Foils will turn EBITDA positive in next two quarters.
We expect some initial euphoria in the stock when it lists because the free float in the stock is very less, it is just about 11% and as Ess Dee Aluminium holds about 89% stake in the company we will have to wait and watch out for what the future plans of Ess Dee Aluminum for India Foils are because they are in the same line of business.
