The Board of directors of Bajrang Finance Ltd at its meeting held today, has given in-principle approval for voluntarily delisting of Remi Edelstahl Tubulars Limited ("Target company"), along with other members of the Promoter Group of the Target company under the securities and Exchange Board of India (Delisting of Equity shares) Regulations, 2009 as amended from time to-time ("Delisting Regulations"). The company is going to acquire upto 16,00,000 equity shares from public shareholders of the target company ("public shareholders") at an indicative price of Rs. 19.71 per equity share.
The company along with other Promoter Acquirers will offer to acquire 100% equity shares that are held by Public Shareholders of the Target company and voluntarily delist the equity shares from the recognized stock exchange i.e. BSE Limited ("BSE"), in accordance with the Delisting Regulations (the "Delisting proposal").
Shares of Remi Edelstahl Tubulars Limited was last trading in BSE at Rs.11.34 as compared to the previous close of Rs. 11.34. The total number of shares traded during the day was 300 in over 3 trades.
The stock hit an intraday high of Rs. 11.34 and intraday low of 11.34. The net turnover during the day was Rs. 3402.