Sulzer Ltd., Switzerland (hereinafter referred to as Parent Company of Sulzer India), an 80% shareholder of the Company has vide their letter dated March 04, 2010 informed their proposal to acquire the remaining 20% equity shares of the Company through an offer in accordance with the Securities Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("Delisting Regulations") and subject to all statutory and regulatory approvals being obtained, and to voluntarily delist the equity shares of the Company ("Delisting Proposal") from all the stock exchanges in India where the securities of the Company are listed i.e. Bombay Stock Exchange (BSE), in accordance with the Delisting Regulations.
Moreover the Parent Company has requested the Board to convene a meeting to consider the Delisting Proposal, to place the Delisting Proposal before the shareholders of the Company for their consideration and to seek their approval by Special Resolution passed through the postal ballot in accordance with the Delisting Regulations and to seek an in principle approval for the Delisting Proposal from the BSE.
Further the Company has announced that an emergency Board Meeting is now being scheduled to be held on March 04, 2010 to consider the above proposal.
The stock was trading at Rs.1036.40, up by Rs.172.70 or 20%. The stock hit an intraday high of Rs.1036.40 and low of Rs.865.
The total traded quantity was 15335 compared to 2 week average of 3396.
|
Union Budget