SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Pranidhi Holdings and Pramod Jain want to take back bid for Golden Tobacco

07 Dec 2011 Evaluate

The hostile takeover story of Golden Tobacco, the maker of cigarette brands such as 'Panama' and 'Chancellor', has taken a new turn. Acquirers Pranidhi Holdings and Pramod Jain, who announced their bid two years ago, have recently written to capital market regulator Sebi, seeking its permission to withdraw the unsolicited open offer. Jain, a minority shareholder with a 6% stake in Sanjay Dalmia-controlled Golden Tobacco, has alleged that a substantial value of the company has eroded with the promoters resorting to a poison pill strategy after the offer was announced.

Delhi-based Jain and Pranidhi (in which Jain is a director) made an open offer to acquire 25% in Golden Tobacco in November 2009 at Rs 101 per share. But the regulator is yet to approve the open offer; the Sebi website describes the status of the open offer application as 'under process'. Jain's recent move is possibly driven by a suspicion that the Golden Tobacco management may attempt to sell the company's land assets, particularly a prime plot of land in Mumbai's western suburb. Such suspicions owe their origin to Golden Tobacco's attempts to enter into agreements with developers like HDIL and subsequently with Sheth Developers and Suraksha Realty for joint development or sale of plots of land owned by the company in Mumbai.

Golden Tobacco Share Price

29.29 1.38 (4.94%)
20-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ITC 305.00
Godfrey Phillips 2139.25
VST Industries 263.75
The Indian Wood Pro. 33.80
NTC Industries 170.05
View more..

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×