A total of 4,480 shares had changed hands in the counter on BSE.
The Federal-Mogul Goetze India stock fell continuously from early in the calendar year. From Rs 446.80 on 5 January 2007, the scrip tumbled to Rs 325.60 by 2 March 2006.
The rights issue size will range from 51.16 lakh shares to 61.11 lakh shares, and will raise Rs 110 crore. The issue will entail an equity dilution of 20.2 - 24.1%, depending on the exact size finalised for the rights offering.
Recently, US-based Federal-Mogul acquired the Indian promoters’ stake, raising its holding to 50.11%, to take control of the company. Federal-Mogul is a leading auto-ancillary company with a very strong presence in the diesel vehicles segment. It supplies ancillaries to auto majors like General Motors and Daimler Chrysler.
The products of Federal-Mogul Goetze (India) range from piston rings, pistons, cylinder liners, light alloy castings to sintered products. The company is the largest manufacturer of pistons and piston rings in India. Within the original equipment manufacturing (OEM) segment, Goetze’s revenues are spread across all auto players including Tata Motors, M&M, Bajaj Auto and TVS.
Federal-Mogul Goetze (India) is yet to come out with December 2006 quarter results. The company in its September 2006 quarter reported a bottom line growth of 84.4% at Rs 12.32 crore over the corresponding previous year quarter. The sales for the same quarter stood at Rs 139.06 crore, up 16.2% over the year ago quarter.
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