Following an open offer for 3.96 crore shares at ₹25 each, Prozone Realty's shares saw a 20% increase. The corporation saw a decline in share price of 18 percent in 2024.
Stocks in smallcaps under ₹50: On Wednesday, January 1, 2025, Prozone Realty's shares reached their 20% upper circuit of ₹33.14. Following the announcement of an open offer to purchase up to 3.96 crore equity shares, or 26% of the company's equity, for ₹25 per share, the rally took place. The offer has a total consideration of ₹99.19 crore.
Through its Trustee, Nikhil Chaturvedi, M/s. Apax Trust is making the open offer. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations) state that the offer is being made in accordance with its terms.
The entire payment, assuming complete acceptance, is payable in cash at the offer price of ₹25 per share.
Financial Overview and Stock Performance
The stock of Prozone Realty is still more than 26% behind its 52-week peak of ₹44.90, which it attained in February 2024. Over the previous year, the stock has been erratic, losing 18% of its value. With six months in the negative and six months in the positive, it produced a range of results.
It is noteworthy that the smallcap stock recovered after three months of losses, rising 14% in December and 5% in November.
The company's financial results for the quarter ending in September 2024 showed a net loss of ₹1.33 crore, while the same quarter in 2023 showed a net profit of ₹1.39 crore. Despite a 28.58 percent increase in sales to ₹48.86 crore in Q2 FY2024 from ₹38 crore in Q2 FY2023, the company reported a loss.
Concerning Prozone Realty
In India, Prozone Realty creates, constructs, and manages retail centers, homes, and business buildings. Leasing and outright sales are its two main business categories. Regional shopping malls, gated communities, villas, and business offices are all part of the company's portfolio. It provides management consulting services as well.
Originally called Prozone Intu Properties Limited, Prozone Realty was established in 2007 and has its headquarters in Mumbai. In May 2023, the company changed its name to better represent its new strategic direction and ambition.
Investor interest in the stock, which had been underperforming for a large portion of 2024, has increased as a result of the open offer announcement.
Disclaimer: Mint does not endorse the opinions or suggestions expressed here; they are the opinions of individual analysts or broking firms. Before making any financial decisions, we encourage investors to consult with qualified professionals.
0 Comments