Gramophone: The masterís voice! - Views on News from Equitymaster

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Gramophone: The masterís voice!

Nov 21, 2000

Gramophone Company has gone off track. After making a private placement at a price of Rs 1,785 in February 2000, the company merged a group company RPG Music International with itself. For the merger the valuation (done by Price Waterhouse Coopers) worked out to Rs 650 per share for Gramophone Company as against Rs 300 per share for RPG Music International. We fail to understand how the value of Gramophone could have fallen so drastically and that too in the eyes of its promoters! However, prior to its merger with Gramophone, RPG Music International issued shares to two other RPG group companies Music World and RPG Netcom, which reduced the stake of Gramophone in RPG Music International from 100% to 55%.

And since the stake of RPG group was relatively higher in Music World and RPG Netcom, post merger the groupís stake in Gramophone itself increased from 42% to 47%. A perfect case of having your cake and eating it too!

Not surprisingly, the stock is stagnating at the current levels of Rs 545 (52 week high: Rs 2,316). It is possibly to appraise the analyst community of the rationale for this move that the company has called for an analyst meet today.

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