Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements( Regulation, 2015, as amended in relation to proposal for voluntary ....
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Nitin Castings Limited's promoters — Mr. Nirmal Kedia, Mr. Nitin Kedia, and Citrus Castings Private Limited — have announced their intention to voluntarily delist the company from BSE Limited. The promoters currently hold 71.39% (36,70,436 shares) and aim to acquire the remaining 28.61% (14,70,894 shares) from public shareholders. Navigant Corporate Advisors Limited is acting as the manager to the delisting offer. The floor price and final discovered price will be determined through the reverse book-building process under SEBI Delisting Regulations. Completion requires board approval, a special resolution from public shareholders (with votes in favor at least twice those against), BSE approval, and acceptance of the discovered price by the acquirers. The company cites operational flexibility, easier strategic decisions, and reduced compliance costs as rationale.
Public shareholders will get an exit opportunity at a price determined via reverse book-building, but the stock may see thin trading and price volatility until the floor price is announced. The success of the delisting depends on public shareholder approval and the acquirers accepting the discovered price or making a counter-offer.