Gokaldas Exports gallops on delisting report

Gokaldas Exports surged 17.47% to Rs 243.50 at 11:55 IST on BSE after reports that Blackstone Group is mulling delisting proposal with Indian promoters

The stock hit a high of Rs 248.80 and a low of Rs 219 so far during the day. The stock had a 52-week high of Rs 299 on 23 January 2008 and a 52-week low of Rs 160.10 on 24 March 2008.

The company’s current equity is Rs 17.19 crore. Face value per share is Rs 5.

The current price of Rs 243.50 discounts its Q3 December 2007 annualized EPS of Rs 20, by a PE multiple of 12.17.

As per reports, Blackstone Group (foreign promoter) holding a majority 67.88% stake in the company is mulling to take the Bangalore based apparel player private this year. Indian promoters hold 20% stake in the company (as at end March 2008). The delisting process is expected to be start during second half of the current year. In addition to delisting plan, Blackstone has also reportedly expressed its willingness to buy out a few more factories which are currently owned by promoters of Gokaldas Exports.

Gokaldas Exports had reported 3.60% fall in net profit to Rs 17.19 crore on 10.1% growth in net sales to Rs 281.13 crore in Q3 December 2007 over Q3 December 2006.

Gokaldas Exports is engaged in designing, manufacturing and selling range of garments for men, women and children and caters to the needs of several international fashion brands and retailers. The company’s products include coats, suits, jackets, parkas, windcheaters, ski wear; warm-ups, surf wear, swim wear; trousers, shorts; casual wear shirts, ladies blouses and dresses for customers in international market.