Did Manappuram insider bail out just before RBI deposit ban?
The curious case of Manapurram Finance, the loans-against-gold company that
was recently pulled up by the Reserve Bank of India (RBI), keeps getting
murkier.
was recently pulled up by the Reserve Bank of India (RBI), keeps getting
murkier.
On Monday, 6 February, the RBI barred
Manappuram<http://www.dnaindia.com/money/report_manappuram-gets-rbi-rap-for-taki...>and
a related sole proprietary firm from raising public deposits, but even
before the news was out, the wife of one of the company's promoters was
selling shares in the company.
<http://www.firstpost.com/wp-content/uploads/2012/02/GOLDBANGLES_1.jpg>
Manappuram<http://www.dnaindia.com/money/report_manappuram-gets-rbi-rap-for-taki...>and
a related sole proprietary firm from raising public deposits, but even
before the news was out, the wife of one of the company's promoters was
selling shares in the company.
<http://www.firstpost.com/wp-content/uploads/2012/02/GOLDBANGLES_1.jpg>
Reuters
Sarada Sankaranarayanan, wife of Director AR Sankaranarayanan, sold
16,63,000 shares in the market at a price of Rs 57.75 through their broker
Geojit BNP Paribas on 6 February before the RBI information was put in the
public domain. Sale of shares continued the next day, when the same
promoter sold another 11,63,000 shares at Rs 48.17. The shares opened lower
when the market came to know about the ban.
16,63,000 shares in the market at a price of Rs 57.75 through their broker
Geojit BNP Paribas on 6 February before the RBI information was put in the
public domain. Sale of shares continued the next day, when the same
promoter sold another 11,63,000 shares at Rs 48.17. The shares opened lower
when the market came to know about the ban.
Total proceeds from the sale on the first day work out to Rs 9.6 crore
while on the second day it was Rs 5.6 crore. The average price of sale for
the transactions works out to Rs 53.81 and the total proceeds added up to
Rs 15.20 crore. The share currently trades below the average sale price at
Rs 46.40, down 6 percent.
while on the second day it was Rs 5.6 crore. The average price of sale for
the transactions works out to Rs 53.81 and the total proceeds added up to
Rs 15.20 crore. The share currently trades below the average sale price at
Rs 46.40, down 6 percent.
Does this sale amount to insider trading, when a relative of the promoter
group sells shares before news that can have a material impact on the share
price is widely disseminated?
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
group sells shares before news that can have a material impact on the share
price is widely disseminated?
Meanwhile, *CNBC-TV 18 * has reported that the central bank is
contemplating regulating the gold loans sector. This is could be in the
form of limits on the loan that a gold loan firm can give as a percentage
of the value of the loan.
contemplating regulating the gold loans sector. This is could be in the
form of limits on the loan that a gold loan firm can give as a percentage
of the value of the loan.
The RBI may also restrict the maximum interest that a gold loan firm can
charge its customers, and also the penalties that gold loan firms can
impose, *CNBC-TV 18* reported.
charge its customers, and also the penalties that gold loan firms can
impose, *CNBC-TV 18* reported.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
--
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