“Sakshi is No.8 in the Country. The CBI is finding fault with selling a Rs 10 Sakshi share at Rs 350. But Eenadu on the other hand which is at No: 5, despite being in losses of 1800 Crores, has sold a share of Rs 100 at Rs 5,28,630“.
This has been Jagan Reddy’s constant complaint repeated in Sakshi TV and the Sakshi Paper. Jagan personally made this statement to the English News Channels (to Rajdeep Sardesai’s CNN-IBN most recently). This argument was even made to a judge in the courtroom during Monday’s hearing.
Today, Eenadu published a clarification on their finances and claimed Jagan was peddling lies.
The financial details provided by Eenadu on page 1 of the paper today were as follows:
- Ushodaya Enterprises has a total 1,26,280 shares. The base capital of the company which consists of Eenadu, Etv and Priya Foods is Rs 6,676.8 Crores. If the base capital is divided by the total shares, the value of each share is Rs 5,28,630.
- However, Sakshi has over 10,61,41,180 shares while Ushodaya has only 1,26,280 shares. If the capital of Ushodaya is divided by 10 Crore shares (like done in Sakshi) the value of each share is only Rs 667.6.
- If the Capital of Ushodaya is only divided by Eenadu’s shares, then share value of each share is Rs.275 only. Sakshi on the other hand, even before starting operations, was valued at Rs 360 per share.
The crux of Eenadu’s argument is that Sakshi and Jagan have been hiding the fact that Ushodaya has only 1,26,280 shares and comparing it to Sakshi’s share value when Sakshi’s total shares are 10,61,41,180. (The lesser the number of shares, the value of each share will be higher).