In today’s briefing:
- Premier Energies Promoter Sold Shares Just Before IPO Raises Governance Concern
- ELGi Equipments- Forensic Analysis
Premier Energies Promoter Sold Shares Just Before IPO Raises Governance Concern
- Premier Energies made SALE before Offer For Sale – A mini OFS just before IPO to close investors who helped company in its journey till IPO.
- The stake sale amounting to INR 800+ crores raises the concern over governance and disclosure norms
- Such a unique case where the promoter used the loophole might face actions from SEBI.
ELGi Equipments- Forensic Analysis
- Elgi Equipments (ELEQ IN) headquartered in Tamil Nadu, India manufactures a range of air compressors and automotive equipments and sells across domestic and international geographies.
- Overall, balance sheet looks strong with consistent FCF generation, upward sloping ROCEs and low risk of solvency
- But one needs to be cautious about the performance of subsidiaries, especially the Belgium and US arms, and goodwill assessment, whistle blower trends, etc.
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