Three Penal Delisting Has Not Stopped Dharnendra Group From Tapping The Capital Market Again

A seven-year-old company whose revenue is only Rs 10 crore and bottom line is just Rs 54 lakh against a capital base of more than Rs 18 crore is asking for an IPO premium of Rs 60 crore! Still worse, market regulators, despite the group’s murky past, has allowed the promoter to sell at Rs 103 a share which was acquired by him at just Rs 10 in 2021. Pune-registered but Ahmedabad-headquartered Pace E-Commerce Ventures Ltd is entering the capital market with an initial public offer of Rs 66.53 crore. Incorporated in 2015, Pace E-Commerce Ventures offers children’s furniture, bedding, housewares and essentials. It may be recalled that between 1989 and 1993, Gandhi brothers Navinchandra, Dharnendra and Bhupendra floated public issues under the banners Dharnendra Ice-cream, Fly Up Fashions and Dharnendra Agro Food. Few years after their public issues, not only they performed miserably on the operation front but also failed to comply with the listing guidelines which resulted in compulsory delisting of the shares by the stock exchange. In fact, Group flagship Dharnendra Ice-cream was suspended by BSE for 13 years and was eventually delisted by the exchange in 2016. But, that has not stopped the generation-next of the Gandhis from tapping the capital market. By arrangement with https://investlive.net/