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IPO proceeds - SEBI uncovers a labyrinth of lies

Plagued by an array of global and domestic macro economic concerns, ranging from a near recessionary scenario in the western world to inflationary pressures in the emerging markets, Indian equities saw a massive amount of wealth erosion and turned out to be among the worst performing markets globally. Broad market indices which indicate the health of the market are down by almost 25 per cent. It wasn’t just the macro concerns of inflation and interest rates, but an array of scams and scandals, ranging from the infamous 2G scam to the unearthing of illegal mining activities in Karnataka that led to this sharp decline and loss of investor wealth in India.

The IPO market, which usually intends to provide retail investors with champagne stock opportunities, unfortunately turned out to be one of the foremost wealth guzzlers last year. Out of the 38 IPOs that hit the markets in 2011, only 10 have been able to keep their heads high and create some wealth for shareholders. In fact on a closer scrutiny it has emerged that a majority of the IPOs have lost more than 50 per cent of their value, making it a daunting task for investors to recoup losses and turn profitable. Around Rs 3,500 crore worth of investor money has been lost in 2011 through IPOs.

In wake of this massive investor wealth erosion, market watchdog SEBI, based on investor grievances received on various fronts, initiated a probe into the recent IPOs and investigated the alleged activities regarding price rigging on the bourses, siphoning off funds raised through public issues, misleading statements made in the prospectus, etc. The findings of the investigations have been quite shocking. The SEBI has named seven companies who have allegedly committed malpractices during their respective IPO processes. As per SEBI’s initial observations, there is a common pattern that has been visible in the IPOs of these seven companies.

Inter-corporate deposits (ICDs) or short-term borrowings were key instruments used to route and divert funds into and from the IPOs in most of the instances, with the exception of RDB Rasayans. In the specific case of RDB Rasayans, the company management was accused of diverting IPO proceeds to one of its group companies without informing shareholders. It was also observed that RDB was involved in the routing of funds to OneLife Capital, which is also a co-accused in the SEBI investigations

Moving on, in certain cases, such as that of PG Electroplast, it was seen that the company, in tandem with another entity, massively over-inflated the value of a piece of land and siphoned off public funds, the intricate details of which are given ahead. There are few other land deals too which these companies have entered into and which seem to be questionable. It emerged that certain companies either carried out civil work on pieces of land which weren’t owned by them or didn’t make proper disclosures of land ownerships, resulting into strong violations of the SEBI guidelines.

Further, the SEBI has observed that in some cases there were also instances of price rigging and artificial volume creation done on the bourses on the date of the listing of these IPOs. While PG Electroplast and OneLife were the only scrips that appreciated on listing, others tanked heavily, thus resulting into huge losses for gullible investors. Certain brokers and day traders were also involved in disturbing the market equilibrium of trading. Finally, there have been some startling revelations about misleading statements and suppression of material facts in the prospectus of the IPOs by the companies and their merchant bankers in relation to objects of the issue, utilisation of the proceeds, financial information, related party transactions, etc.

What emerges from the above SEBI findings is that these seven companies along with various other entities have shown complete disregard to the regulations, acts and guidelines laid down by the SEBI and the exchanges. They have blatantly indulged in unethical and dubious activities with a clear intention to take investors for a ride and defy the law of the land. As always, we at DSIJ have worked towards safeguarding and protecting the interest of our readers and the investor community at large. In our new issue analysis we had analysed five out of these seven companies and strongly tagged an ‘avoid’ on them. This was further reiterated in the post-issue analysis. We continue to keep these companies under an ‘avoid’ rating.[PAGE BREAK]
TAKSHEEL SOLUTIONS
Taksheel Solutions (TSL) tapped the primary market in September 2011 by issuing shares at a price of Rs 150 per share (price band Rs 130 – -Rs 150) to raise Rs 82.50 crore. However, at present the stock is available at Rs 12.50, a 90 per cent discount to its offer price in just about three months. While analysing the IPO we had strictly advised investors to avoid it on account of corporate governance issues and concerns about the management bandwidth.

TSL misguided investors about its global presence with a claim that its employees are working on projects abroad. It was found that all the 64 employees mentioned by the company in the DRHP were actually in India. Again, of those 64 employees, 12 were appointed on July 29, 2011 and one was appointed on August 1, 2011 just to show that it has the kind of strength as mentioned earlier in the RHP.

The SEBI investigations have revealed that out of 16 clients and four vendors that the company claims to have on its roll, eight clients were registered by TSL vendor Virtu Tech Solutions on November 26, 2011 after the SEBI summons was received. It indeed is a very strange phenomenon that TSL is registering domains of its own purported clients all based in USA on the same day through one vendor based in Hyderabad.

TSL also misguided investors by not mentioning about the inter-corporate deposits (ICDs) of Rs 34.50 crore it has raised after filling the DRHP but before filling the RHP. With an annual interest outgo of Rs 4.83 crore (14 per cent) this would have made a material impact on the financial performance of the company. Further, the company repaid the ICD from its IPO proceeds.

TSL also made two related party transactions and failed to disclose the same in its prospectus. In the first case it issued 50 lakh shares (at Rs 20) to Veri Soft Business Solutions for purchasing a mobile virtual network enabler valued at Rs 10 crore. In another related entity deal, TSL made payments from the IPO proceeds of Rs 5.06 crore for the purchase of mobile interactive solutions to Westlink Tech Pvt (WTPL). WTPL has been registered at the address of one of the key personnel of TSL. In addition to that, the MCA website shows that WTPL does not file a balance-sheet with them. Further, it was seen that the funds were actually paid to compensate one entity that made losses in trading on the first day of the listing of TSL.

Four entities that were named for having made losses on the first day of the trade were Rose Valley Merchandise (RVM) (Rs 10 crore), Shreya Multitrade (SMT) (Rs 42.67 lakh), Baba Bhoothnath Trade (Rs 64.21 lakh) and Overall Financial Consultants (OFC) (Rs 4 crore). Surprisingly, the registered addresses of RVM and OFC are similar. It raises a question on the KYC norms being followed by larger broking companies like Indiabulls and JM Financials through which the trades were carried out. TSL transferred Rs 23 crore to Silverpoint Infratech by stating that it is an ICD which will earn them 14 per cent interest. However, these funds were routed to the above mentioned four entities.

Right now the SEBI has banned TSL and also its directors from accessing the capital market. It has also asked TSL to call back the ICD of Rs 23 crore from Silverpoint immediately and has banned merchant bankers PNB Investment Services from taking any new assignment relating to the securities market. Our call on the stock continues to remain ‘avoid’.

SEBI Findings
•    False data representation of global presence and client list.
•    Non-disclosure of business dealing with closely related entities in RHP.
•    Non-disclosure in RHP about the ICD for Rs 34.50 crore.
•    Diversion of IPO proceeds to the entities that made losses in trading in TSL’s scrip on the first day of listing. [PAGE BREAK]
PG ELECTROPLAST
PG Electroplast (PGEL), which is engaged in the business of manufacturing consumer electronic components and finished products, tapped the primary market with its IPO in September 2011. After witnessing a stellar opening on the bourses with huge volumes, the scrip has tanked massively by 41 per cent and is currently trading at Rs 123 a share. In view of the highly speculative volatile trading sessions that the stock has seen, market regulator SEBI initiated a probe against the company in connection with the alleged price rigging activities.

As per SEBI’s initial observations, PGEL entered into a land purchase agreement with a company called Saptrishi for a price consideration of Rs 18 crore. The most astonishing fact was that this very piece of land was merely valued at Rs 63 lakhs just three months prior to the agreement. Moreover, PGEL had paid out Rs 12.5 crore to Saptrishi from the IPO proceeds even before the land was converted for industrial use. Saptrishi in turn transferred these funds to various entities who bought shares of PGEL on the listing date. Besides this deal, PGEL also signed other land purchase agreements worth a total of Rs 52 crore and utilised the IPO proceeds to make certain payments for which no disclosures were made.

Further, the company, along with various entities, created a web of transactions and dealings through inter-corporate deposits (ICDs) which were routed into the markets either for IPO subscription or buying of shares of the company on the listing date. It is worth noting that the company did not make any disclosure of ICDs in the RHP or the offer document but merely utilised the IPO proceeds without prior intimation, which are strictly in violation of SEBI guidelines.    

SEBI Findings
•    PGEL allegedly diverted funds into the market through fraudulent means without making any disclosures.
•    Allegedly siphoned off money through advance for purchase of raw materials and diverted the funds to the market.
•    Allegedly undertook questionable land deals.
•    Allegedly distorted market equilibrium of trading through price rigging activities.
•    Allegedly suppressed several material facts in the RHP and offer documents pertaining to company, objects of issue, utilisation of proceeds, general corporate expenses, etc.
•    In other separate transactions, PGEL allegedly siphoned off money in the form of advances for purchase of raw materials, which were further diverted to various entities to either subscribe to the issue or take part as buyers on the listing date.

Key Data
Issue Price (Rs) 210
Price Band (Rs) 190-210
CMP 128
Premium/(Discount) -39
Amount Raised (Rs Crore) 120.65
Subscription 1.33
Lead Managers Almondz Global

PGEL has also been accused of creating artificial buyers for its shares in tandem with Alfa Fiscal Services (Alfa) who carried out and placed most of their orders at prices higher than the LTP on the listing date, which resulted into price rigging and increase in the price of shares. Based on the above findings, SEBI has presently banned PGEL, its directors, the merchant bankers and a list of 82 entities from accessing the capital markets. It has also asked the company to call back Rs 32 crore worth of ICDs and deposit them in an interest-bearing escrow account along with the IPO proceeds still lying with them. Our call on the stock continues to remain an ‘avoid’. [PAGE BREAK]
RDB RASAYANS
RDB Rasayans tapped the primary market in September 2011 by issuing shares at Rs 79 each (price band Rs 72-79) but at present the stock is available at Rs 7.83 – a whopping 90 per cent discount to its offer price in just about three months. When we had analysed the IPO of the company, we had strictly advised investors to avoid the issue as we were not comfortable with the valuations that the company was asking for and also about the track record of its management. We maintained the same stand in our post-issue analysis when the scrip was available at a discount of 77 per cent to the offer price.

What emerges from the SEBI investigation is that the company management took investors for a ride by not making proper disclosures. In fact the management had made a decision to divert funds to be raised through public issue - even before the IPO opened - to one of its group companies. In other words, the company raised funds stating different objectives in the prospectus and did different things when the money was actually raised. The SEBI investigations also found that RDB Rasayans through a circuitous route used the IPO money to fund some of the traders who incurred losses on trading on the listing day. Please note that when the company made an IPO not a single QIB made an application and the issue was subscribed mainly due to retail investors. Even here the SEBI found that the brokers funded application money to retail investors to apply for the IPO.

We are of the opinion that the SEBI should make the complete IPO null and void and refund the money to all the IPO applicants. Right now the SEBI has banned RDB Rasayans and also its directors from accessing the capital market. It has also asked the company to call back the loan of Rs 31.60 crore given to RDB Realty immediately and has banned merchant banker Chartered Capital and Investment from taking any new assignment relating to the securities market. Our call on the stock continues to remain ‘avoid’.

SEBI Findings
•    The company board meets on September 12 (IPO opens on September 21) and approves giving loans up to Rs 50 crore to group company RDB Realty and Infrastructure, a BSE-listed thinly traded company. This material fact was not disclosed despite it being mandatory.
•    Since Rs 50 crore is quite a huge amount, considering the size of the company, it had to call for an EGM to get an approval from its shareholders.
•    Since giving loan to a group company could have been objected to by public shareholders the company shortened the notice period for the EGM from 21 days to 15 days so that the EGM could take place just one day before the allotment date which would ensure that there were no public shareholders in the EGM.
•    Very obviously, since there were no public shareholders this resolution got passed in the EGM and the company gave a loan to its group company when the IPO proceeds were received.

Key Data
Issue Price (Rs) 79
Price Band (Rs) 72-79
CMP 7.9
Premium/(Discount) -90
Amount Raised (Rs Crore) 35.55
Subscription 1.5
Lead Managers Chartered Capital & Investment Ltd
[PAGE BREAK]
BHARATIYA GLOBAL INFOMEDIA
Bharatiya Global Infomedia, a Delhi-based software making company, came up with its IPO on July 28, 2012. The issue which was priced within a band of Rs 75 – Rs 82 got subscribed by 1.6 times. However, in this case too it was the lot of the retail investors who helped the issue to go through with no participation from QIB and institutions. On the first day of the listing BGIL opened at Rs 82 and came down to Rs 30 in just a few trading hours. Since then the stock has fallen to Rs 7 on the BSE, down by almost 90 per cent from the listing date.

Before getting into the details of the SEBI investigation let us have a quick look at the company’s business. BGIL is a product-based IT company primarily into making software products and applications for safety, security, automation and various web-based applications. It raised a total of Rs 54 crore from the IPO for purchase of office, some investment in its IT division and R&D technology centre, and for working capital requirement. However, during the SEBI investigation the company gave varying explanations about the utilisation of the proceeds from the IPO. It initially said that they had paid Rs 12.5 crore towards the repayment of ICDs which were taken before the IPO. However, on further investigation the company kept changing its stance by showing different documents and papers.  

Further, for the IPO proceeds that were to be utilised for the purchase of an office in Mumbai and Noida, the company presented an agreement which showed that the advance payment was given for the purchase of property in Kolkata which was not even mentioned in the RHP. It did not make a true and correct disclosure of its financial indebtedness by hiding large amounts of ICDs which altered the bearing of the company substantially. Many of the ICDs, which were taken as bridge loans before the IPO, were not even mentioned in the RHP. On the contrary, it mentioned in the RHP that the company had not raised any bridge loans against the proceeds of the issue.

The company also concealed material facts about the purchase of land that it proposed to buy under one of the objects of the issue. It was noted by the SEBI that the said land was owned by a relative of one of the directors of BGIL and such information was withheld from the investors. We advise our investors to remain cautious while investing in such type of IPOs and also put an ‘avoid’ on this scrip. The SEBI in its report has also issued an interim order prohibiting the company and a few individuals, including Rakesh Mehta the CMD of the company, from buying, selling or dealing in the securities market. Further, the SEBI has asked the company to call back all the money raised in the IPO which were misused and are not yet utilised by the company.

Also the merchant banker, due to inadequate due diligence, has been prohibited from taking up any new assignment or involvement in any new issue of capital, including IPOs, follow-on issue, etc from the securities market. We tried to get in touch with the company on the issue but the company officials denied commenting on the same, stating that the matter is sub-judice.

SEBI Findings
•    The company gave varying explanations about the utilisation of the proceeds from the IPO.
•    For the IPO proceeds that were to be utilised for the purchase of an office in Mumbai and Noida, the company presented an agreement which showed that the advance payment was given for the purchase of property in Kolkata which was not even mentioned in the RHP.
•    Many of the ICDs, which were taken as bridge loans before the IPO, were not even mentioned in the RHP.
•    The company also concealed material facts about the purchase of land that it proposed to buy under one of the objects of the issue.

Bharatiya Global Infomedia Ltd
Issue Price (Rs) 82
Price Band (Rs) 75-82
CMP 7.4
Amount Raised (Rs Crore) 55
Subscription 1.47
Merchant Banker Almondz Global Securities Ltd
[PAGE BREAK]
TIJARIA POLYPIPES
Tijaria Polypipes (TPL) is engaged in the manufacturing of pre-lubricated HDPE pipes, PVC and SWR pipes, flat tubes and PET straps. It tapped the markets on September 27, 2011 with its IPO. The scrip is currently available at Rs 8.14 a share, which is at an 86 per cent discount to its offer price in just about three months. When we had analysed the IPO of the company, we had strictly advised investors to avoid the issue as we were not comfortable with the company’s objectives and the valuations the company was asking for. We maintained the same stand in our post-issue analysis despite the scrip then being available at a discount of 75 per cent to its offer price.

On the very first day of its listing, The SEBI received complaints in matters of alleged insider trading or illegal turnover which was causing huge losses to retail investors. Consequently, the watchdog initiated a probe to examine the steep fall in the price of the scrip. As per the SEBI’s initial observations, it has emerged that the company took investors for a ride by engaging in a string of covert operations whereby it provided an exit to the QIBs and a pre-determined set of retail allottees at a premium to the issue price on the listing date of the scrip. The company has been accused of forming a cartel of traders who bought shares on the listing date from the QIBs and retail allottees at a premium to the issue price and allowed them to exit the counter at a profit.

These traders, who were used to provide an exit on listing date, were astonishingly funded by TPL through the IPO proceeds itself. In order to conceal this modus operandi, the company fabricated a set of ICDs as well as purchase orders and no disclosures were made in the RHP or the offer document for the same. Further the SEBI has also highlighted the key role played by those brokers who allowed the exit-providing traders to play in the market and incur huge losses without depositing any margin money.

Shockingly it was further found that a few of these traders were walk-in clients with a marginal net worth and the brokers used other clients and third party funds to show account balances in the trader’s accounts. Hence it has been noted that the brokers have shown total disregard to trading regulations and guidelines laid down by the SEBI to play a fraudulent trick on genuine investors. They also indulged in creating artificial volumes on the bourses to entice innocent investors into purchasing the shares of the company and unfortunately incur losses.

Based on the above findings the SEBI has presently banned TPL, its directors and some other entities, including the brokers and traders, from accessing the capital markets. It has also asked the company to call back and transfer part of the IPO proceeds and deposit them in an interest-bearing escrow account. Our call on the stock continues to remain ‘avoid’.     

SEBI Findings
•    TPL allegedly entered into covert market operations to provide exit opportunities to the QIBs and pre-determined set of retail allottees.
•    TPL allegedly utilised the IPO proceeds to fund losses incurred by certain group of traders on the day of listing.
•    TPL allegedly worked in tandem with brokers to violate the regulations and guidelines laid down by the SEBI to defraud genuine investors.
•    The alleged brokers are accused of creating artificial volumes to lure innocent investors into the scrip on listing date who unfortunately incurred losses.
•    Suppression of several material facts in the RHP and offer documents pertaining to the company, objects of issue, utilisation of proceeds, etc.

Key Data
Issue Price (Rs) 60
Price Band (Rs) 60 (fixed price)
CMP 8.14
Premium/(Discount) -86
Amount Raised (Rs Crore) 60
Subscription 1.2
Lead Managers Hem Securities
[PAGE BREAK]
ONELIFE CAPITAL
Onelife Capital Advisors (OCAL) raised Rs 36.85 crore through an IPO recently. The issue price was fixed at Rs 110 while the current market price of the company is Rs 239.60, which is 117 per cent higher than the issue price. In our IPO analysis we had clearly tagged an ‘avoid’ on the issue, citing a weak business outlook and bad financial numbers. We had maintained our stance in the post-issue analysis as well and continue with the same even now as we are not comfortable with the valuations it is commanding.

Based on complaints from investors, the SEBI investigated matters concerning irregularities in case of OCAL and has observed that money introduced as paid-up capital by the promoters in the business was soon transferred to other promoter entities. With this there was very less money left in the business. The SEBI found out that there was no proper disclosure of information from the company’s end and the IPO proceeds violated its objectives. It was found that during the IPO subscription period, OCAL conducted a board meeting and took material decisions which the company failed to disclose to the public by way of an advertisement.

It had taken short-term loans from the Prudential Group which it then repaid from the IPO proceeds. Further, the report states that the Prudential Group had earlier received funds through various routes from RDB Rasayans which recently had tapped the market with its IPO. The loan taken by OCAL was further given to two companies (Fincare Financial and Precise Consulting) which didn’t have adequate credentials. Some of these funds were transferred through various routes to three entities which were net buyers on the exchange of the company’s shares.

Also, in case of allotment of shares to the retail category, the SEBI observed that approximately 80 allottees had a similar address and bank accounts in the same branch and further some of the applications also had the continuous serial numbers. It was also found that the address was that of ANS, a stock broker. The broker had provided an email id to the exchange which was of Alfa Fiscal Services as per the MCA website. One should note that Alfa Fiscal is the same company which was allegedly involved in the price rigging of the IPO of PG Electroplast.

Investigations also revealed that the lead managers of the issue (Atherstone Capital) had done inadequate documentation and were faulty of due diligence while preparing the RHP for OCAL. The lead managers have been prohibited by the SEBI from taking up any new assignments as merchant bankers. Also, OCAL informed the BSE on January 5, 2012 that one of its independent directors, Tushar Shirdharni, who was involved in the SEBI investigation, had resigned from the company with effect from December 29, 2011. The SEBI has ordered Onelife Capital and its directors that they cannot trade in securities directly or indirectly till further directions. It has also directed that OCAL should not undertake any fresh business and should call back funds till further orders.  

SEBI Findings
•    IPO proceeds have been utilised for purposes other than the objects of the issue as stated in the RHP.
•    Had transferred the IPO proceeds through various routes to three net buyers who had indulged in large trading activity.
•    Failed to disclose to the public by the way of advertisement about the development.

Key Data
Issue Price (Rs) 110
Price Band (Rs) 100-110
CMP 240.8
Premium/(Discount) 118.9
Amount Raised (Rs / Crore) 36.85
Subscription 1.52
Lead Managers Atherstone Capital Markets
[PAGE BREAK]
BROOKS LABORATORIES
Brooks Laboratories, a pharmaceutical contract research and manufacturing services company, came up with an IPO in August 2011 to set up a new facility at Panoli, Gujarat. On the day of the listing itself the scrip tanked by 40 per cent and to date it is down by 87 per cent from its listing price, currently trading at Rs 13. In its initial investigation the SEBI has reportedly found that Brooks Laboratories failed to disclose material information which would enable investors to make sound investment decisions in the IPO.

The company had raised Rs 30.40 crore from various entities in the form of ICDs before the IPO hit the markets and the board resolution for the same was passed 2-3 months prior to the IPO. It must be noted that the company and the merchant banker did not make any disclosure about the same in its RHP or offer documents. Further, the IPO proceeds were used to repay these same entities which were also never mentioned in the prospectus. This set of clandestine operations indulged into by the company lays out a clear picture of the alleged siphoning of public issue funds.

It has been further observed that the company ignored the recommendations of its technical team to buy imported machinery and went on to issue orders to certain domestic suppliers for machinery amounting to Rs 19.94 crore. It was also found that the quotations provided by the suppliers did not match with those mentioned in the prospectus. It is rather shocking to know that the actual purchase order for the equipment was finally placed with a UAE-based company for Rs 13.97 crore which then turned out to be associated with Brooks through alleged ICD transactions. Brooks also placed orders for certain civil work and electrical installation contracts on a piece of land that it never owned. This again turned out to be a by-product of its alleged ICD transactions.

On the listing day an entity named Overall Financial Consultants (OFC) incurred losses of Rs 2.13 crore by trading in shares of the company. On the same day Brooks, through various entities, paid a sum of Rs 2.5 crore to OFC. It was later on observed that these market operations and pay-back of funds to OFC were distinctly related to the same set of ICD transactions as stated above. What emerges from the above scenario is that at the core of the SEBI investigations in relation to the Brook’s IPO were its covert ICD transactions with various entities which were used to siphon off money raised from gullible investors through instances of non-disclosures in the prospectus.

The merchant bankers have also been pulled up for failing to perform their duties of due diligence with utmost sincerity and for having misled the investors. In view of this, the SEBI has prohibited Brooks, its directors and the merchant bankers from accessing the capital markets till further notice. It has also directed the company to call back the ICDs and deposit them in interest-bearing escrow accounts along with the IPO proceeds still lying with them.

SEBI Findings    
•    Non-disclosure of material information.
•    Management’s imprudent decisions with respect to plant and machinery orders.
•    Allowed exit to the motivated bidders by using issue proceeds.

Key Data
Issue Price (Rs) 100
Price Band (Rs) 90-100
CMP 13.4
Amount Raised (Rs Crore) 63
Subscription 1.76
Merchant Banker D&A Financial Services Pvt Ltd

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