Saint Gobain Sekurit India Ltd has informed BSE that :
"The Company received a letter dated May 18, 2011 from Saint-Gobain Glass India Limited (SGGIL) informing us of the decision of SGGIL and Saint-Gobain Sekurit S.A. France ("SSGF and together with SGSIL, the Promoters") to seek voluntary delisting of the equity shares of the Company presently traded on the Bombay Stock Exchange Limited in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations. 2009 ('Regulations') by purchasing the publicly held shares of the Company constituting 14.23% of the outstanding share capital of the Company (Delisting Proposal).
The Promoters have also advised an indicative offer price of not more than Rs.31/- per equity share of the Company. This indicative price is more than 25% above the Average of weekly High & Low of closing prices for 26 Weeks. The indicative offer price is without any prejudice to the rights of the Promoter under the Regulations including their right to reject the price that is discovered under the reverse book building process if the same Is greater than the floor price as determined under the Regulations.
The Promoters have requested the Board to take all actions required under the Regulations.
In view of the above, the Board at its meeting dated May 18. 2011 has approved the following
1. To take on record the letter received from SGGIL with respect to the Delisting Proposal of the Promoters
2. To consent to the Delisting Proposal and
3. To seek the consent of the public shareholders of the Company for the Delisting Proposal by way of a postal ballot in accordance with the provisions of section 192 A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 and approval of the postal ballot notice to be sent to the public shareholders of the Company.Read More
Sensex
|
Wednesday, May 18, 2011
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment