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The Chennai-based heavy electrical equipment company Indo Tech Transformers on Friday announced plans to delist its shares from the stock exchanges. The company has fixed the floor price at Rs 106.40.
The stock crashed 4.66 per cent to Rs 160.60, as the floor price fixed is much lower. Currently, promoters hold 74.35 per cent of the company's equity capital. The promoters plan to acquire 25.65 per cent of the company’s equity capital from the public.
The equity shares are listed and traded on the BSE Ltd and the NSE. The delisting offer opens on January 23, 2013, and ends on January 30. The discovered price will be informed to the shareholders on February 11.
”Consequent to the offer and upon the promoters’ shareholding reaching a minimum of 90 per cent of the company’s equity capital, the acquirer will seek to voluntarily delist the shares from the stock exchanges where the company is currently listed,” it said in a statement to the BSE.
Kotak Mahindra Capital Company Ltd is the manager to the offer.
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