KOCHI: Kochouseph Chittilappilly, the Kochi businessman who handed over the reins of the two companies he founded -- V-Guard Industries and Wonderla Holidays -- to his sons in 2012, has added a third stock exchange-listed company to his portfolio.
The listing of Veegaland Developers on the BSE on Friday has made the 75-year-old entrepreneur richer by around Rs 330 crore, based on the value of his stake in the Kochi-based real estate developer. Veegaland Developers, whose shares were issued at Rs 140 apiece, touched a high of Rs 151, before closing at Rs 144.95. Kochouseph’s 67.25% stake in the company is now valued at Rs 329.15 crore.
Kochouseph, who continues to hold minority stakes in V-Guard Industries (8.41%) and Wonderla Holidays (23.15%), has shares worth Rs 119.05 crore and Rs 785 crore, respectively, in the two companies. His combined stake in the three listed companies is thus worth around Rs 1,233 crore. While several homegrown Kerala companies remain unlisted, Kochouseph has consistently favoured the IPO route to unlock value and bring companies under the scrutiny of public markets.
“I believe there will be more accountability and transparency when the companies are listed on the stock exchanges,” he told TNIE. “Every quarter, the board meets to take stock of the situation. There will be independent members on the board. The management will be more accountable to the stakeholders, including investors.”
For Kochouseph, the Veegaland listing marks the third company he has taken through an IPO and subsequently listed on the stock exchanges.
V-Guard Industries, which he founded in 1977 with Rs 1 lakh contributed by his father, was listed in 2008 following an IPO that raised Rs 65.60 crore.
The company is now valued at Rs 14,206 crore, based on Friday’s stock price. Kochouseph subsequently ventured into the amusement park business, founding Wonderla Holidays in 2000. The company went public in April 2014 through an IPO that raised Rs 181.25 crore. Wonderla Holidays is currently valued at around Rs 3,350 crore.
In 2012, Kochouseph stepped away from the active management of V-Guard Industries and Wonderla Holidays, handing over the reins to his sons. Elder son Arun Chittilappilly took charge of Wonderla Holdings, while younger son Mithun Chittilappilly took over at V-Guard Industries.
Kochouseph also transferred majority stakes in the two companies to his sons.“Never thought we will have three IPOs within the group. Never say never!” Arun Chittilappilly wrote on social media after Veegaland’s listing.
Mithun Chittilappilly, who holds a 19.78% stake in V-Guard Industries, has shares worth Rs 2,808 crore in the company. Arun owns an 8.65% stake in V-Guard, valued at Rs 1,228.5 crore based on Friday’s stock price. Arun, who is chairman and managing director of Wonderla Holidays, also holds a 31.86% stake in the company, valued at Rs 1,067.37 crore.The fourth company in the Chittilappilly family stable is V-Star Creations, the innerwear and lifestyle company founded by Kochouseph’s wife Sheela in 1995. Given the family’s track record of taking homegrown businesses to the stock market, V-Star could well be the next company to make the IPO journey.