Thus, for one share worth Rs 100, the Sules got Lavasa equity shares worth Rs 7,500 and preference shares worth Rs 32,000.
Just a month prior to the board meeting (January 2002), in which the merger with YLFPL was approved, in December 2001, Lavasa had issued shares at Rs 73.35 each.
Thus, one Rs 100 YLFPL share held by the Sules multiplied into 750 Lavasa shares worth Rs 55,012.50.
Assuming the Sules exited in 2003-04, the exit price could not have been lower than Rs 106.67 a share.
Because, that is the price at which the promoters bought some 1.5 million shares in September 2003.
It is not clear if the Sules exited the company through this transaction. At this price, one Rs 100 YLFPL share eventually fetched Rs 80,002.50.
In addition to this, 1,600 redeemable preference shares would be worth another Rs 32,000, assuming there was no further appreciation in value.
According to the draft offer document filed by Lavasa Corporation in September 2010, “pursuant to the merger of Yashomala Leasing and Finance Pvt Ltd with our company 1,248,750 equity shares were issued to Sadanand B Sule jointly with Supriya Sule”.
At the swap ratio of 1:750, this means the couple held 1,665 YFLPL shares between them worth Rs 1.66 lakh at face value.
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