In the most recent news, Hindustan Safety Glass changed its nature of business and its name post new management and will pursue trading in consumer goods/electronics against trading in glass articles.
The stock price of Hindusthan Safety Glass has surged over 2,000 percent from Rs 10 per share to Rs 217 per share in the last one year. The company has a market capitalisation of Rs 66 crore.
The company was listed on the Bombay Stock Exchange on February 20, 2014 and it raised Rs 3 crore at issue price of Rs 10 per share. Back then, it had no MD or CFO in 2014 and has had no dividend or bonus in last 10 years.
Bollywood actress Shilpa Shetty and her husband Raj Kundra bought a majority stake in the company on September 3, 2014. They bought about 51.5 percent stake or 15.7 lakh shares for Rs 1.88 crore. By September 11, 2014, the company’s market capitalisation was Rs 3.5 crore.
However, the shares in the company have not traded since February 21, 2014. An open offer was made at Rs 12 per share on March 2 which closed on March 16 without any response.
Most recently, the company changed its nature of business and name after getting a new management and will pursue trading in consumer goods/electronics against trading in glass articles.
The entity will be renamed Viaan Industries, which is also the name of the promoters’ son.