Recommendation of the committee of Independent Director
Awaiting price reaction for this filing.
CES Limited is going through a voluntary delisting process from BSE. The company's promoters, Mr. Venkateswara Rao Davarapalli and Mrs. Sreevani Kancharla, are offering to buy out 91,57,988 equity shares (25.16% of total paid-up capital) from public shareholders. The floor price has been set at Rs. 92.36 per equity share (face value Rs. 10), with the final price to be discovered through a reverse book building process. The Initial Public Announcement was made on December 27, 2024, followed by the Detailed Public Announcement on July 16, 2025, and the Letter of Offer on July 18, 2025. The Committee of Independent Directors (IDC), after reviewing all relevant documents including the valuation report, postal ballot results, and BSE in-principle approval, has unanimously recommended the offer as fair and reasonable. The IDC cited reasons like reduced compliance costs, operational flexibility for promoters, and an exit opportunity for shareholders amid market volatility.
Public shareholders of CES Limited get a chance to exit at a minimum price of Rs. 92.36 per share, with the actual exit price potentially higher based on bids in the reverse book building process. If the delisting succeeds, CES shares will stop trading on BSE and the promoters will own 100% of the company. Shareholders should independently evaluate the offer, check the current market price, and decide whether to tender their shares.