Mumbai, 6 May-2014, Sandipan Sharma: Just Dial shares climbed to the extent that 9.3 for every penny to Rs. 1,099 on Tuesday, yet in the course of the most recent two months the stock has plunged 42 for every penny as contrasted with a 4 for every penny climb in the more extensive Sensex throughout the same period.
The sharp selloff in Just Dial has come betwixt apprehensions of recovery by pre- ipo financial gurus, whose lock-in period lapses on June 5, 2014. This could put countless in the open business sector.
Just Dial tallies Citigroup, Morgan Stanley, Tiger Global and Sequoia Capital around its institutional financial gurus. Bollywood superstar Amitabh Bachchan possesses 62,794 shares, or almost 0.09 for every penny stake in Just Dial, as indicated by the organization’s March 31 shareholding divulgence.
As indicated by Nirmal Bang, private value financial gurus possess a 41 for every penny stake in Just Dial and they will be permitted to offer their property once the lock-in period is over. The quality of these possessions at the current business cost of Rs. 1,005 for every offer is Rs. 2,890 crore, the financier included.
Mr Bachchan was assigned shares at a cost of Rs. 10 each in 2011 and his unique financing of Rs. 6.27 lakh has now swelled to about Rs. 6.8 crore, however is down from almost Rs. 10 crore a month back.
Regardless of the late selloff, Just Dial is one of the few Initial Public Offer (IPO) examples of overcoming adversity lately, where financial gurus have netted nice looking returns. The stock, which began exchanging on June 5 last year, was issued at Rs. 530 to retail moguls.