The listing of the Birla group investment giant, Pilani Investment and Industries Corporation, shall be listed very soon as the price discovery of the stock for listing on the NSE and the BSE has already been put under process.
The investment firm looking at listing is an age old Birla concern that was a flagship company of the united Birla Group. The company holds about 37% of stakes in Century textiles, and certain exposer in companies like Hindalco and Grasim, again a Birla concern.
It is expected that the NSE listing of the stock shall be around the Moorat trading, the auspicious Diwali trading session. The stock has also been listed on two other Indian exchanges previously, the Madhya Pradesh and the Delhi stock exchange. The deals on these stock exchanges were majorly off-market and hence stock price determination was a problem initially.
Presently the shares of Pilani Investments are being traded between the minority shareholders at Rs. 2000 a stock as per the rumours doing rounds. A more accurate price details shall be available only when listing happens on the BSE and the NSE.
There are also rumours that people who have been holding the stocks for a very long period are looking to cash out very soon after the listing process takes place.
‘Bell the bull’ says that the inherited stock of Pilani Investments have given more than 250% dividends and it doesn’t look that there should be an immediate selling pressure on the stock unless listing provides a very good price.