The Hindu Business Line : Flextronics calls for EGM to delist from BSE, NSE

FLEXTRONICS Software Systems (FSS) has called an extraordinary general meeting of shareholders on June 3 to seek their approval for getting the shares of the company delisted from the Bombay Stock Exchange and the National Stock Exchange.

This was stated by the company in a notice to the BSE on Tuesday.

Earlier this month, Flextronics had announced that it proposes to delist its India-based subsidiary - FSS - from both these exchanges by purchasing all outstanding public shareholding in the company at a price of Rs 575 a share.

With total number of outstanding public and institutional shares at about 1.03 crore, the reverse book-build offer is valued at about Rs 597 crore, at the offer price.

Flextronics currently holds 69.7 per cent of FSS (erstwhile Hughes Software Systems) through its wholly-owned subsidiary Flextronics Sales and Marketing Ltd, while the institutional investors hold 22.58 per cent stake, private corporate bodies 1.05 per cent stake, Indian public 6.06 per cent and NRIs/OCBs 0.12 per cent.

The remaining is held by Trust, Directors and clearing members.

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