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The board of Indbank Merchant Banking Services Ltd, a subsidiary of Indian Bank, has decided to delist the shares of the company from the BSE.
No exit opportunity is given to the shareholders since the shares of the company continues to be listed on the NSE, the merchant bank said in a stock exchange notice.
“With the extensive networking of the NSE, investors have access to dealing in the company's shares across the country. Most of the trading in the company’s shares takes place only on the NSE and there has been thin/low volume trading of the company’s shares in BSE,” it said.
The merchant banker reported a net profit of Rs 1.53 crore in the June quarter against Rs 5.60 lakh in the year ago period.
As per the limited review report of the company, an amount of Rs 8.97 crore relating to non-consideration of liability towards a claim under the right of recompense clause on certain settled borrowings by the holding company (Indian Bank) has not been provided in the books.
Had the liability been recognised in the books, the company’s profit of Rs 1.53 crore for the current quarter would have become a loss of Rs 7.43 crore.
Shares of the company were trading at Rs 5.24 per share, up 4.59 per cent on the BSE, at 2.22 pm.
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