Rayban Sun Optics India spurts

Rayban Sun Optics India surged 4.53% at Rs 120 at 12:20 IST on BSE after a majority of bids came at Rs 185 per share in its ongoing delisting offer.

On BSE, the counter saw high volumes of 2.28 lakh shares so far during the day. The scrip had an average daily volume of 59,796 shares in the past one quarter.

The stock hit a high of Rs 122.85 and a low of Rs 114 so far during the day. The stock had a 52-week high of Rs 142.40 on 17 December 2007 and a 52-week low of Rs 53 on 19 March 2008.

The small-cap scrip underperformed the market over the past one month till 20 August 2008, rising 3.14% compared to the Sensex's 7.65% gain. It outperformed the market in the past one quarter, falling 60.90% compared to Sensex's 14.81% fall.

The company has an equity capital of Rs 24.48 crore. Face value per share is Rs 10.

The current price of Rs 120 discounts its Q2 June 2008 annualised EPS of Rs 7.34, by a PE multiple of 16.34.

As per the latest data available maximum bids for 4.90 lakh (or 83.33% of the total shares bid) came at Rs 185 per share, in the ongoing reverse book building (RBB) procedure to determine the exit price. Bids were received for 5.88 lakh shares against maximum size of 72.10 lakh shares. The floor price is at Rs 82. The book building offer closes tomorrow, 22 August 2008.

The acceptance or rejection of the discovered price through RBB procedure will be made on 26 August 2008.

In June 2008, foreign promoter Ray Ban Indian Holdings Inc, holding 70.54% stake in the company as at end June 2008, proposed a voluntary delisting of the shares of the company from the Bombay Stock Exchange.

Rayban Sun Optics India's net profit fell 19.70% to Rs 4.49 crore on 23.60% fall in net sales to Rs 20.44 crore in Q2 June 2008 over Q2 June 2007.

The company is engaged in manufacturing and marketing frames and sunglasses