Hitech Corporation Delisting Offer Successful, Exit Price Set at ₹426 Per Share
Hitech Corporation Limited's voluntary delisting offer is successful. The Acquirer, Geetanjali Trading and Investments Private Limited, will acquire public shares at an Exit Price of ₹426 per equity share. The delisting is deemed successful as promoter group shareholding now exceeds 90%.
The delisting of a company from stock exchanges is a significant corporate action with a high impact on its public shareholders and future operations.
The delisting offer being successful and the Exit Price being determined positively impacts the shareholders who participated.
Hitech Corporation Limited has announced the successful completion of its voluntary delisting offer.
The delisting offer was made by Geetanjali Trading and Investments Private Limited, a member of the promoter group, to acquire up to 43,91,220 equity shares of face value ₹10 each, representing 25.57% of the equity share capital held by public shareholders. This move aims to voluntarily delist the company's equity shares from BSE Limited and National Stock Exchange of India Limited.
Kreo Capital Private Limited, the Manager to the Delisting Offer, has communicated that the post-delisting offer shareholding of the Acquirer, along with Promoters and other members of the Promoter Group, has exceeded 90% of the total issued equity shares. Consequently, the delisting offer is deemed successful in accordance with Regulation 21 of the SEBI Delisting Regulations.
The discovered price for the delisting offer was determined to be ₹425 per equity share. However, in accordance with Regulation 20(6) of the SEBI Delisting Regulations, the Acquirer has declared a final price of ₹426 per equity share as the Exit Price, which is higher than the discovered price. The company has received the Post Offer Public Announcement from Kreo Capital Private Limited, the Manager to the Delisting Offer, in this regard.
What to do with a filing like this
Hitech Corporation Limited filed this with the NSE as a statutory disclosure, categorised under delisting. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Hitech Corporation Limited. Read the original for the full detail.