June 17, 2019

Bharat Nidhi - Small Buy Back @ Rs.11,229 ( Please Recheck )

It appears ( Please Recheck this independently too ) that some  Bennett Coleman Holding Companies are offering Buy back.


To Buy Back 21,791 shares .@ Rs.11,229/- per share. 

Buyback only for 25% of Share Capital + Free Reserves 

Those not willing to offer shares in Buy Back have to give an undertaking .

Official Site 



For Bennett Coleman Holding Structure , please click this 2017 post :-



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gops said...

Sir undertaking has to be given to nse or Calcutta stock exchange. Please guide.sir format of undertaking can you provide. Copy has to be given to the company?

Ashwani Kumar Aggarwal said...

Gops Sir- Please contact the Company Secretary of Bharat Nidh .

gops said...

Ok thank you

Anonymous said...

Dear Mr. Agarwal

What would be your advice to minority shareholders in this instance? The buyback price seems a fraction of FMV as detailed/discussed in previous posts/comments on your blog over last many years. The company seems to be in a hurry to get things done.

Also what happens to those shareholders who wish to remain shareholders but FAIL to submit the undertaking by the due date of 2nd July? What would be their status then?

I would greatly value your opinion.


P Suman

Unknown said...

Valuation report of Bharat Nidhi Limited is nit attached. Has valuer considered current market price of investment. Has they considered consolidated value for fair market value of buyback. There should be three independent valuer. When there is no promoter, why valuation is done on lower side. Let minority shareholder
er appoint independent valuer

Ashwani Kumar Aggarwal said...

Mr. Suman my apologies in the delay in replying.

Investors should organise themselves as they have done in the case of Digvijay Finlease.( Whats App etc ).

Managements should not take Public shareholders for granted.

Even if you don't send your Decline to Accept Buyback offer, I do not think your shares can be bought back forcibly ( Please Recheck this ).

Regards ,

Ashwani Kumar Aggarwal

Ashwani Kumar Aggarwal said...

Very true . Let Public Shareholders do their Independent Valuation.

Will the Promoters sell their holdings at this " Fair " rate ?.

Anonymous said...

Dear Mr. Agarwal,

Thank you so much for kind reply. I am sorry I could not revert back earlier.

These two are very pertinent points as you have observed.
1) No valuation report is provided. The basis for such low fair value needs to be explained/elaborated by the company since past valuation by merchant bankers was way higher than these levels. The company has been consistently making profits, so how come valuation have come down? You have put it very nicely - would the company sell at these prices? The aversion to listing so that transparent price discovery is preempted is both unfortunate and obvious.

The time limit to convey acceptance/decline is very short. No individual communication has been provided to the shareholders, so many would most likely remain in the dark.

2) Your idea of shareholders organising themselves on the lines of Digvijay Finlease is excellent. However how to go about it, if you could share your thoughts?

Also, I believe the company has sent intimation about postal/electronic voting through its RTA. I am not aware of the agenda of such voting at the moment.

I would look forward to further inputs from you. Thanks once again.


P Soman