Oxford Industries: Change of control, 99% capital cut, shift to healthcare
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On the reaction day the stock moved 5.6 pts less than Nifty Microcap 250 and 5.2 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Saroj Kumar Choudhary completed an open offer and became the new promoter with 27.61 lakh shares (46.46 percent) after acquiring from previous promoter Mazher N Laila. The Board proposed a 99 percent reduction of share capital under Section 66 to offset accumulated business losses, and shifting of the registered office from Maharashtra to Orissa. New objects were added to the MOA to enter hospitals, healthcare, pharmaceuticals and medical equipment. Auditor Lipika and Associates was appointed for 5 years; Choudhary was also named CFO.
Change of control done; 99 percent capital cut signals heavy past losses; company pivoting from textiles to healthcare. Shareholders to vote on key items.