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Our Bureau

Kolkata, Aug. 17 The open offer from the overseas promoters of FCI OEN Connectors for the stated purpose of delisting, has attracted enough response from the shareholders with holding in physical form to make the Indian outfit a candidate for delisting from the bourses under the existing norms.

FCI SA and FCI France, the acquirers, have informed today the stock exchanges that by virtue of physical shares tendered, its holding has moved up to 56,88,546 equity shares of FCI OEN Connectors Ltd, representing voting rights of 90.33 per cent of the paid-up capital of company.

JM Financial Consultants, the manager to the offer, on behalf of FCI SA, has informed BSE that the registrar has completed the process of verification of applications and made payments for 28,356 shares accepted in the physical form.

Earlier, the acquirer had fixed the exit price at Rs 700 for a share of Rs 10 each for buyback of non-promoter stake of 31.69 per cent (19,95,647 shares). The open offer closed on July 13.

The shares are currently listed on the BSE, NSE and Kochi Stock Exchange.

Shareholders having shares in physical form could tender their holding at the exit price till August 1.

More Stories on : Open Offers | Buyback | Telecommunications

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