Educomp Solutions has target of Rs 180, says SP Tulsian

Educomp Solutions has target of Rs 180, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “I will rerate Educomp and change the view from maybe neutral or negative to positive. The kind of money they have raised, if you see in the cases of other companies the simple amount raised by all the companies is to mobilize the funds to retire the FCCB. But here that’s not the case.”
He further added, “To retire the FCCB of USD 80 million or maybe USD 110 along with the interest thereon they have mobilized USD 155 million and that too by various means, FCCB, ECB, preferential allotment to IFC, preferential allotment to promoters. So that is leaving USD 40-45 million with the company which will be infused in the company for ramping up their operations and all that. So overall quite positive and the kind of under-ownership which we have been witnessing in the stock, I am not going by the technical shorts which are still pending at this stage, but all these things definitely rerate the stock and in the initial term I am keeping my target of about Rs 180 on the stock.”