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Our Bureau

Chennai , May 17

E-SERVE International was among the few stocks which escaped the carnage at the stock markets rather lightly.

On a day in which the Sensex, Nifty and even the mid-cap indices fell by over 10 per cent at close, e-Serve International stock shed only 3.15 per cent (or Rs 25.75) to close at Rs 795.

It closed a shade lower than Rs 800, which is significant, as this is the maximum price that Citibank Overseas Investment Corporation (wholly-owned subsidiary of Citigroup), is willing to pay to acquire all outstanding publicly-held shares in e-Serve International.

This subsidiary owns a 44.4 per cent equity stake in the company .

The green signal for proceeding with this delisting offer in e-Serve International was announced on May 11.

On that day, the shareholders approved the special resolution for the delisting offer through the reverse book building process.

It is interesting to note that over the past fortnight, the stock has consistently traded above Rs 800.

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