The share price of this micro-cap company fell by 5 percent to Rs 266 per share on Wednesday after the company promoter planned to offload a 13.99 percent stake in the company via OFS.
At 1:11 p.m., HCP Plastene Bulkpack Ltd shares were quoted at Rs 270 per share, down 3.57 percent from the previous close price. The company has a market capitalization of Rs 288 crore.
According to the company’s exchange filing, Madhu Prakash Parekh, one of the company promoters, planned to sell 14,93,873 equity shares, representing 13.99 percent of paid-up equity, via offer-for-sale (OFS) on December 20 and 21.
Non-retail investors can participate in OFS on December 20, 2023, and retail investors on December 21, 2023. The floor price for the offer is fixed at Rs 200 per share.
The company’s revenue has decreased by 16 percent yearly, from Rs 93.80 crore in Q2FY22 to Rs 78.87 crore in Q2FY23. During the same timeframe, Net profit has risen by 700 percent from Rs 0.12 crore to Rs 0.96 crore.
HCP Plastene Bulkpack shares have gained 28 percent in the last three months and 21 percent in a month.
As of the recent shareholding pattern, the company promoter holds an 88.99 percent stake in the company, Domestic Institutional Investors hold a 4.8 percent stake and retail investors hold a 6.02 percent stake in the company.
HCP Plastene Bulkpack Ltd is engaged in the manufacture of polypropylene/high-density polyester woven sacks and woven labels. The company specializes in manufacturing plastic packaging solutions with an expansive product portfolio comprising FIBCs, small bags, and AD star bags.
The Company produces PP fabric which is sold in the international and domestic markets. The major product portfolio is small PP woven bags, FIBC Bags, and AD start bags. Major consumption of these bags is by Cement, Sugar, Food grains, and Fertilizer industries.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
