Kohinoor Foods declined 0.8% to Rs 99 at 13:14 IST on BSE on reports the company's management has filed a petition with the Securities and Exchange Board of India and Company Law Board to prevent hostile takeover by Temptation Foods.
Shares of Temptation Foods declined 4.32% to Rs 320.
The stock hit a high of Rs 104.30 and a low of Rs 96.55 so far during the day. The stock had a 52-week high of Rs 139.20 on
The company has an equity capital of Rs 26.41 crore. Face value per share is Rs 10.
The current price of Rs 99 discounts its Q3 December 2007 annualised EPS of Rs 16.92, by a
PE multiple of 5.85.
Kohinoor Foods has accused Mumbai-based Temptation Foods of leading a consortium that has covertly acquired a shareholding of almost 30% in Kohinoor Foods. It has said that the acquisition was in violation of the market watchdog's takeover code which mandates public disclosure by anybody seeking to acquire more than 15% of a company.
Kohinoor has sought an interim stay from the Company Law Board on any further acquisition of Kohinoor shares by Temptation and 45 other entities listed as acting in concert with Temptation, and a suspension of their voting rights.
Kohinoor alleged in its petition, these 46 entities had picked up shares in bulk since December 2007 adding up to 29.35% of Kohinoor's equity capital
Kohinoor Foods' net profit rose 3.1% to Rs 8.29 crore on 14.2% decline in sales to Rs 155.90 crore in Q3 December 2008 over Q3 December 2007.
The company offers an extensive range of food products that caters to all kinds of consumers in different parts of the world - from basmati rice, ready to eat products, cook-in sauces and cooking pastes to spices, seasonings and frozen food.
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