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Kavita Goel plans to buy Asian Sky Shop

18-July-2001
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Kavita Goel plans to buy Asian Sky Shop

Kavita Goel, a member of the Subhash Chandra family, has made an open offer of up to 20 per cent to acquire the New Delhi-based Metropolitan Leasing, owners of the home shopping network, Asian Sky Shop.

The open offer at Rs 22 a share is far higher than the last traded price of Metropolitan at Rs 7.60 on the Delhi Stock Exchange.

The open offer is being made by Goel subsequent to an agreement to buy out Binod Kumar Joshi and associates, who together hold 45 per cent of Metropolitan's equity, at Rs 8 a share.

Metropolitan was incorporated with the objective of conducting business in finance and trading, but it later ventured into homeshopping through a division called Asian Sky Shop. Today, Asian Sky Shop is one of its main businesses.

Ms. Goel intends to take control of the management of Metropolitan and strengthen its holding through acquisition of the shares. Metropolitan clocked sales of Rs 6.8 crores for the year ending March 31, 2000 and net profit of Rs 0.33 crore. For the first nine months of 2000-01, the company posted a net profit of Rs 23.63 lakhs on a turnover of Rs 5.11 crores.

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