Enkei Wheels drops on allotting shares to promoter at a discount

Enkei Wheels (India) declined 2.79% to Rs 146.30 at 15:30 IST on BSE after the company's board at its meeting held on 11 December 2014, allotted 6.71 lakh shares at the price of Rs 50 to its Promoter Enkei Corporation, Japan on preferential basis.

The announcement was made after trading hours yesterday, 11 December 2014.

Meanwhile, the BSE Sensex was down 224.26 points, or 0.81%, to 27,375.55.

On BSE, so far 1,233 shares were traded in the counter, compared with an average volume of 3,290 shares in the past two weeks.

The stock hit a high of Rs 154.75 and a low of Rs 144.55 so far during the day. The stock hit a 52-week high of Rs 163.55 on 19 November 2014. The stock hit a 52-week low of Rs 36.15 on 7 February 2014.

The small-cap auto component maker has an equity capital of Rs 6.38 crore. Face value per share is Rs 5.

Enkei Wheels (India) said that the Board of Directors of the company at its meeting held on 11 December 2014, has allotted 6.71 lakh shares at the price of Rs 50 to its Promoter Enkei Corporation, Japan on preferential basis. The shareholders of the company have already accorded their consent for this issue in their meeting held on 13 December 2013.

The shares allotted to promoter Enkei Corporation, Japan were at a discount of 65.82% to ruling price.

Enkei Wheels' reported net profit of Rs 2.13 crore in Q2 September 2014 compared with net loss of Rs 2.61 crore in Q2 September 2013. Total income rose 17.9% to Rs 96.37 crore in Q2 September 2014 over Q2 September 2013.

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