Elcid Investments, a non-banking finance company registered with the Reserve Bank of India (RBI) has made history. A penny stock in July 2024, it commanded a share price of Rs 3.21. Cut to October 29: the price of one share of Elcid Investments rose to Rs 2.25 lakh and jumped 5% higher to close at Rs 2,36,250, said reports.
In the process of this Bob Beamon-style jump, the little-known stock stole a march over India’s most expensive stock MRF, which stood at Rs 1,21,851.45 when trading closed on October 29. It’s an extremely fascinating journey from a penny stock to being the prince in Indian stock markets. Also, the question, who owns Elcid Investments, is on every lips now.
Who owns Elcid Investments?
The website of Elcid Investments names four directors of the company. They are Varun Amar Vakil (Non-Executive Non-Independent Director), Amrita Amar Vakil (Non-Executive Non-Independent Director), Essaji Goolam Vahanvati (Non-Executive Independent Director) and Kartikeya Dhruv Kaji (Non-Executive Independent Director). The company is headquartered in Mumbai and was incorporated on December 3, 1981.
What powered Elcid Investments shares sky high?
The journey of Elcid Investments from the pits to the stratosphere took place when the share was relisted on Tuesday, October 29, 2024. The uncommon action followed a BSE circular on October 21 this year which enjoined a price discovery mechanism through a special call auction on Monday October 28. The rate settlement was done the next day.
According to reports this was prompted after a failed offer by the promoters of the company to delist it happened. The offer to delist the shares came at a base price of Rs 1,61,023 for one equity share of the company. Reports also stated that the requisite majority of public shareholders for delisting did not materialise. Also, Elcid Investments has in its investment portfolio as many as 2,83,13,860 equity shares of Asian Paints – which amounts to 2.95% stake of the blue chip company and this tranche is worth nothing less than Rs 8,500 crore.
