Avery India promoters to delist shares

Avery India Ltd has announced that the Company has received a proposal from M/s. AV Co 3 Ltd, UK, one of the present promoters of the Company, holding along with the other promoters, 78.28% of the equity capital, to acquire balance 21.72% of equity shares of the Company in accordance with the provisions of the SEBI (Delisting of Securities) Guidelines, 2003 and the clauses of listing agreement as presently applicable to the Company.

Further the Company has informed that, based on the requisition of M/s. AV Co 3 Ltd, UK, the present promoters of the Company, the Company has scheduled to convene an Extra-ordinary General Meeting on June 04, 2009, to consider the proposal of Voluntary Delisting of Equity Shares of the Company from the Stock Exchanges, which has been decided by a resolution passed by the circulation by the Board of Directors on May 06, 2009.

The stock closed the day at Rs.85.50, up by Rs.2.95 or 3.57%. The stock hit an intraday high of Rs.87.50 and low of Rs.84.90.

The total traded quantity was 9076 compared to 2 week average of 11433.

Source : Equity Bulls

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