Bombay Burmah Trading Corporation was locked at 5% lower limit at Rs 404.30 at 11:47 IST on BSE, following reports the company plans to raise $200 million from international markets.
The stock hit a high of Rs 420 and a low of Rs 404.30 so far during the day. The stock has a 52-week high of Rs 1050 on 8 May 2008 and a 52-week low of Rs 267 on 9 July 2008.
The company’s current equity is Rs 13.96. Face value per share is Rs 10.
As per recent reports, the funds will be used to finance its acquisition of Groupe Danone’s stake in Britannia Industries. Bombay Burmah is in talks with some foreign bank for the transaction. The company is likely to pay at least Libor-plus 500 basis points for the loan, reports added. Libor is the rate at which banks lend to each other.
Bombay Burmah Trading Corporation reported a net loss of Rs 9.44 crore in Q1 June 2008 as compared to net profit of Rs 3.28 crore in Q1 June 2008 over Q1 June 2007. Net sales rose 32% to Rs 68.78 crore in Q1 June 2008 over Q1 June 2007.
Bombay Burmah is part of the Nusli Wadia Group. The company has major interest in tea/coffee plantation, though it has diversified in other streams like laminated products (Sunmika), springs, weighing products, dental products, ophthalmic products, and orthopedic products.
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