GHCL promoters & top brass has been banned from stock markets on charges of misreporting promoter's holdings in the company. While the mkt may be aware of low promoter holding & therefore the stock price is where it is but one thing is sure that now it is official that promoters hold only 18% of the company. This fact makes the company vulnerable to takeover. Till now there were rumors of low promoter's holding but there was no confirmation. With this investigation from SEBI it has become very clear that the company is highly prone to any kind of hostile takeover. We will have to watch out for if there are any bidders for this company. In our view any prospective buyer would be interested in this company only if they see value in it. GHCL is into Soda Ash & Textiles businesses. According to our first cut estimates GHCL's asset's replacement/acquisition cost comes out to be around Rs 118 per share. The stock is currently trading at Rs 32
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