Hitech Corporation Limited has informed the Exchange about General Updates
HITECHCORP · price
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The promoter group entity Geetanjali Trading and Investments Private Limited has initiated a voluntary delisting of Hitech Corporation Limited's equity shares from BSE and NSE. The Acquirer currently holds 74.43% (1,27,84,480 shares) of the company. An Indicative Price of INR 353 per share is being offered, which exceeds the lifetime high price of Rs. 351.35. The final price will be discovered through a Reverse Book Building process. The company cited a small market cap of ~Rs. 261.66 Crores and low free float of ~Rs. 64.46 Crores as reasons for the delisting, stating that the listed status offers limited liquidity for public shareholders. The offer is conditional upon board approval, a special resolution (with public shareholder approval requiring votes in favour at least twice those against), stock exchange approval, and Acquirer acceptance of the discovered price.
Public shareholders are being given an exit opportunity at INR 353 per share (above lifetime high) via a transparent reverse book building process, which could be attractive for those struggling to exit positions due to low trading volume. The stock may see price movement ahead of the eventual delisting tender offer.