KSIDC's quoted investments surge 21 times to Rs540 cr
The total cost of acquisition of equity shares in 17 listed companies that KSIDC own has been computed at Rs26 crore.
THIRUVANANTHAPURAM: The value of quoted equity investments by Kerala State Industrial Development Corporation (KSIDC) has grown by 2100 per cent or 21 times to Rs539.61 crore as of September 21, 2023.
The market value of these investments as of March 31, 2022 was to the tune Rs436.02 crore meaning that the valuation of these investments has grown by almost one-fourth since end-FY22.
According to KSIDC statistics, the total cost of acquisition of these equity shares in 17 listed companies that KSIDC own has been computed at Rs26 crore. These equity shares have been acquired by KSIDC at different periods of time at different values.
Apart from the quoted equities, KSIDC has invested in unquoted equity shares of about 30 companies including Cochin International Airport Ltd (CIAL), Kannur International Airport Ltd (KIAL), BPL Technologies Ltd, ULCCS IT Infrastructure (P) Ltd., etc.
KSIDC also has parked funds in companies that are currently under liquidation. They include BST Ltd, Industrial Accumulators, Sri Sai Maharaj Pulp & paper, Travancore Sulphates, Loop Mobiles and Excel Glasses whereas KSIDC’s has a joint venture with the listed Nitta Gelatin India Ltd.
KSIDC has reported a net profit of Rs54.93 crore for the financial year 2021-22 compared with rs25.50 crore for the previous year. KSIDC is yet to publish the financials for the financial year 2022-23 though it’s almost six months since the financial year came to a close.
Formed in 1961 with the objective of promoting, stimulating, financing and facilitating the development of large and medium scale industries in Kerala, KSIDC acts as a promotional agency involved in catalysing the development of physical and social infrastructure required for constant growth of industry in the state.
KSIDC also acts as a nodal agency for implementation of various projects of Government of Kerala. KSIDC is also registered as a non-deposit taking non-banking financial company (NBFC) with registered office in Thiruvananthapuram.