Pioneer Investcorp - 507864

Name of Company	Pioneer Investcorp Ltd
BSE Code	507864
NSE Code
ICICI Code
Established
My Take	Dislike
Headquarters
Promoters
Story	PINC research is promoter Gaurang Gandhi (ex ICICI). In 2007, Citigroup venture capital wanted to get 50% stake by investing 400 Crores (estimating company to be worth 800 Cr total worth). Now the share price has fallen to Rs 65.
Sector	NBFC
Sub-sector	Investment banking, Investment advisory, asset management, insurance
Website	http://pinc.co.in/
Positives	The website of PINC seems to look great. Gaurang Gandhi is ex associate of ICICI. Citi valued this at 800 crores in 2007. This got cancelled and company claimed Citi was in mess to pick up stake. They have roped in G Alankara from SSKI and Anil Verma from Bajaj Allianz. Promoter stakeholding was 52%. The remaining 20% also could be their 's.
Negatives	When Citi stake pick up was cancelled, Gaurang Gandhi promised to pick up 15 lakh warrants at Rs 630. But in 2008, the stock fell from Rs 930 to Rs 13. Gaurang Gandhi did not pick up 15 lakh share, but just 85K shares at Rs. 110– which cost him somewhere near Rs. 1 Cr. They say he got it at 200% premium to the then price, but these warrants need not be bought if the price is less than Rs. 110 at the time they expire. The company has been around for 25 years, but has not got in a significant name for itself. It was also called Pioneer leasing in 1986 when listed and went down until 50 paisa – later this grew upto Rs. 900. Market cap is at 75 Cr, when the annual revenue for FY10 would not cross even 40 Cr.
Peers