S H Kelkar and Co zooms 19% after 10% equity changes hands via block deals

At 09:15 am; around 14.12 million equity shares, representing 9.99 per cent of total equity of S H Kelkar and Company changed hands on the BSE, the exchange data shows.

Shares of S H Kelkar and Company (SHK) zoomed 19 per cent to Rs 182 on the BSE in Tuesday’s intra-day trade after 10 per cent of total equity of personal products company changed hands via block deals. The stock is trading close to its 52-week high level of Rs 189.80 touched on July 5, 2021.

At 09:15 am; around 14.12 million equity shares, representing 9.99 per cent of total equity of S H Kelar and Company changed hands on the BSE, the exchange data shows. The names of the buyers and sellers are not ascertained immediately.

As of September 30, 2021, Blackstone Capital Partners (Singapore) held 14.43 million shares or 10.22 per cent stake in SHK. While, foreign promoter, KNP Industries Pte Limited held 15.23 million or 10.78 per cent stake in the company, the shareholding pattern data shows.

SHK is the largest Indian origin Fragrance and Flavour company in India. The company offers products under SHK, Cobra and Keva brands.

On October 29, 2021, the board approved the buyback of SHL’s fully paid up equity shares of face value of Rs 10 each at Rs 210 per equity share through the tender offer route. The total amount of buyback size will be a maximum of Rs 60.9 crore. The company proposes to buy back 2.9 million equity shares at the offer price.

For July-September quarter (Q2FY22), SHK reported 59 per cent year on year declined in its reported profit after tax (PAT) at Rs 22.1 crore against Rs 77.3 crore in a year ago quarter. Earnings before interest, tax, depreciation and amortization (ebitda) margin contracted 664 basis points to 15.32 per cent during the quarter, on cost pressures on account of global inflation in raw materials.