Thursday, 20 July 2017

SMC GLOBAL SECURITIES LIMITED – “MONEY WISE, BE WISE“, KOLKATA LISTED, APPLIED FOR LISTING ON NASDAQ/NYSE.


SMC GLOBAL SECURITIES LIMITED (also known as “SMC Global”), was incorporated in Year 1994. SMC Global provides core services of Securities broking and Proprietary Trading. SMC Global is a trading & clearing member of BSE (i.e Bombay Stock Exchange), NSE (i.e National Stock Exchange) and Metropolitan Stock Exchange (MSE). SMC Global also has depository participation with CDSL (i.e Central Depository Services (India) Ltd), NSDL (i.e National Depository Services (India) Ltd.), AMFI registration for MF (Mutual Fund Trading & Distribution) along with NCDEX Comtrack.

SERVICES PROVIDED:
  • Trading and distribution -  primarily comprises of brokerage on dealing in shares, commodities, currency derivatives and other securities on behalf of customers
  • Proprietary trading in shares, commodities, currency derivatives and other securities;
  • Clearing services
  • Depositary services rendered as depository participant,
  • Distribution of third party financial products and insurance broking services.


MAJOR SHAREHOLDERS: 

Millennium Investments & Acquisition Co. Inc., Sanlam International Investment Partners Limited, Cresta Fund Ltd, Bennett Coleman and company Limited.

NETWORK & SPREAD:

SMC Global is spread over all across India, with its Head Quarter located at New Delhi. SMC Global serves it clients through 60+ network offices i.e branch offices including oversea branches in Dubai , UAE. IT has a strong network of more than 2300 registered sub – brokers and authorized person with PAN India presence.


LISTING STATUS:

SMC Global Securities Limited is currently listed on regional stock exchange of Calcutta (i.e CSE). SMC Global Securities Ltd had filled draft hearing prospectus (DRHP) for further public offer on October 20, 2014 with SEBI for issue aggregating to Rs. 127 crs which comprises of fresh issue of equity shares worth Rs. 107 crs and offer for sale by Millennium Investments & Acquistion Company I.c. upto Rs. 18 Crs. . The Draft was approved by SEBI vide letter bearing no. CFD/DIL SMC GLOBAL/629/2015 dated 7th April, 2015, which was valid for the period of 12 months from the date. SMC Global due to the virtual shut down of the primary market halted the plan. SMC Global thereafter decided to withdraw its proposed IPO (technically a FPO as it is listed on regional bourses) and decided to look for better avenues like ADR/GDR.
SMC Global got the consent for the issuance of American Depository Receipt (ADRs)/ Global Depository Receipt (GDRs) against the fresh equity/ sponsored equity i.e. against existing equity shares for listing at NYSE/NASDAQ for a sum not exceeding USD $ 80 Mn in the EGM dated 4th Feb, 2016. The Company has applied to NASDAQ for the listing the same is under consideration.

(Click to ReadSMC Global IPO DRAFT)
(Click to Read SMC Global IPO approved by SEBI)
(Click to Read EGM Notice 4th Feb, 2016)


RIGHT TO SELL AGREEMENT WITH MILLENNIUM INDIA ACQUSITION COMPANY INC.

In November 22, 2013 SMC Global and the promoter group ("Promoter Group") of SMC Global entered into an agreement with Millennium India for providing “Right to Sell” shares back to promoters. The Promoter Group will provide a one-time entitlement (the "Right to Sell") to the Company to sell 1,131,345 shares of SMC Global at a price of INR 125 per share which translates to $2.02 per SMC Global share based on an exchange rate of INR 62 per USD. The ultimate U.S. Dollar value will depend on the exchange rate prevailing at the time of exercise of the Right to Sell. The Right to Sell will be exercisable within a period of 180 days starting on March 31, 2015 if SMC Global has not completed a listing by March 31, 2015 on the Bombay Stock Exchange or the National Stock Exchange in India pursuant to a further public offering of at least 10% shares of SMC Global on a fully diluted basis. The total consideration for the shares if the Right to Sell is exercised will be approximately $2,280,937.50 assuming an exchange rate of INR 62 per USD. The ultimate U.S. Dollar value will depend on the exchange rate prevailing at the time of exercise of the Right to Sell. If the Right to Sell is exercised and no other sales of shares are consummated by the Company, SMCG will own 13,604,690 shares of SMC Global.

(Click to read Agreement for Right To Sell)



FINANCIAL HIGHLIGHTS - CONSOLIDATED DATA     (Fig. In Crs.)

PARTICULARS
2015
2016
2017
INCOME
378
427
534
PAT
42
34
46
EPS
3.71
3.05
4.05
EQUITY
22.6269
22.6269
22.6269
BOOKVALUE
47.67
50.04
52.57
FACE VALUE
2
2
2
DIVIDEND
30%
30%
42%


NOTE:  If we consider listed peers (i.e Motilal Oswal, Edelweiss Financial & IIFL Holding) – AVG P/BV– 5.5 times & MCAP/INCOME – 5 times. So based on this average parameters one can assume the valuation of SMC Global to be around Rs.200+/per share in the future.






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