Hitech Corp Independent Directors Recommend Voluntary Delisting Offer
Hitech Corporation Ltd announced that its Committee of Independent Directors (IDC) has provided reasoned recommendations for the proposed voluntary delisting offer. The offer, made by Geetanjali Trading and Investments Private Limited along with promoters, aims to acquire all equity shares held by public shareholders, representing 25.57% of the company's equity share capital. The delisting will be from BSE Limited and National Stock Exchange of India Limited. The IDC's recommendations will be published in Business Standard, Navbharat Times, and Mumbai Lakshadweep. The offer details include a floor price of ₹252 per equity share and an indicative price of ₹353 per equity share, to be executed via a Reverse Book Building process. The recommendations will also be available on the company's website.
Key Highlights
- Independent Directors Committee recommends voluntary delisting offer.
- Acquirer aims to buy all public shares at ₹252-₹353 per share.
- Delisting proposed from BSE and NSE.
- Recommendations to be published in major newspapers.
- Offer methodology: Reverse Book Building process.
Price Impact
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