– By Dilip Davda
- This is the 3rd RI from the company since June 2023.
- The last RI was in May 2025.
- The company that was engaged in the manufacturing and marketing of designer socks, is now aiming to enter in Health and Hygiene products via subsidiary route.
- It has posted growth in its top lines, but bottom lines remain in red for the reported periods.
- Though the RI is at a discount of around 72.71% based on its last traded price of Rs. 274.80, it is greedily priced.
- Only well-informed/risk seekers/cash surplus investors may park moderate funds for long term.
ABOUT COMPANY:
Alan Scott Enterprises Ltd., (ASEL) originally incorporate as Suketu Fashions Ltd., is currently engaged in the manufacturing and marketing of health and hygiene products and retail business. It is expanding its activities through subsidiary route. It has 12 subsidiaries under its fold. As of the date of filing this offer document, it had 13 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its 3rd Rights Issue (RI) of 952932 equity shares of Rs. 10 each at a fixed price of Rs. 75 per share to mobilize Rs. 7.15 cr. The RI has opened for subscription on September 01, 2026, and will close on September 15, 2026. The company is offering RI in the ratio of 1 for 6 to its eligible stakeholders as of the record date of August 21, 2026. The company is asking for Rs. 40 per share on application and the rest by one or more call from time to time as decided by the board of directors. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.40 cr. for this RI process, from the net proceeds, Rs. 1.00 cr. for subscribing 10% of NCDs of Alan Scott Retail Ltd., Rs. 1.00 cr. for subscribing 10% of NCDs of Alan Scott Automation & Robotics Ltd., Rs. 1.00 cr. for subscribing 10% of NCDs of Alan Scott Bluverge Ltd., Rs. 1.00 cr. for subscribing 10% of NCDs of Alan Scott Vajrashakti Technologies Ltd., Rs. 1.00 cr. for subscribing 10% NCDs of Alan Scott Upnup Life Ltd., Rs. 1.00 cr. for subscribing 10% of NCDs of Alan Scott Omnis AI Ltd., Rs. 0.75 cr. for general corporate purposes.
The RI is solely lead managed by the company itself, and Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue. MUFG Intime India Pvt. Ltd. is the RTA for the company.
Post-RI, company’s current paid-up equity capital of Rs. 5.72 cr. (5717590 equity shares) will stand enhanced to Rs. 6.67 cr. (6670522 shares). Based on the RI pricing, the company is looking for a market cap of Rs. 50.03 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total revenue / net profit/ – (loss), of Rs. 11.90 cr. / Rs. – (3.50) cr. (FY24), Rs. 30.94 cr. / Rs. – (1.82) cr. (FY25), Rs. 35.66 cr. / Rs. – (4.30) cr. (FY26). For Q1 of FY27 ended on June 30, 2026, it earned net loss of Rs. – (0.85) cr. on a total income of Rs. 9.17 cr. It has posted losses for all these years. Its NAV stood at Rs. 21.43 as of June 30, 2026.
DIVIDEND POLICY:
The company has not paid any dividends for the last three years. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, the offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 539115 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 364.25 on August 20 2026, and opened on an ex-right basis at Rs. 307.05 on August 21, 2026. Since then, it has marked a high/low of Rs. 334.90 / Rs. 261.75. The scrip last closed at Rs. 274.80 as of September 04, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 368.11 / Rs. 186.85. The counter is currently under ESM: Stage 1.
The promoters’ holding has been around 63.5% for the last three quarters ended on June 30, 2026. The counter is well maintained well above the RI price to tempt investors.
CONCLUSION:
This is the 3rd RI from ASEL since June 2023. The last RI was in May 2025. The company that was engaged in the manufacturing and marketing of designer socks, is now aiming to enter in Health and Hygiene products via subsidiary route. It has posted growth in its top lines, but bottom lines remain in red for the reported periods. Though the RI is at a discount of around 72.71% based on its last traded price of Rs. 274.80, it is greedily priced considering its loss making performances. Only well-informed/risk seekers/cash surplus investors may park moderate funds for long term.
Review By Dilip Davda on August, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
