Delisting
Compact Disc India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 28, 2011, inter alia, approved and adopted the following:
1. Board has approved the delisting of its equity from the Stock Exchanges where the securities of the company are listed. The Board convened an Extraordinary General Meeting on March 22, 2011 for approval from the esteemed shareholders. The reason for delisting shall be specified in the EGM notice.
I would like to remind the readers that for delisting, the company has to give a buy-back offer to the public as an exit opportunity as per a SEBI regulation. CDI has sufficient Reserves to accomplish this successfully. The minimum floor price of the offer is the 26-week average of the stock price, which in this case is around Rs58-59.
Compact Disc India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 28, 2011, inter alia, approved and adopted the following:
1. Board has approved the delisting of its equity from the Stock Exchanges where the securities of the company are listed. The Board convened an Extraordinary General Meeting on March 22, 2011 for approval from the esteemed shareholders. The reason for delisting shall be specified in the EGM notice.
I would like to remind the readers that for delisting, the company has to give a buy-back offer to the public as an exit opportunity as per a SEBI regulation. CDI has sufficient Reserves to accomplish this successfully. The minimum floor price of the offer is the 26-week average of the stock price, which in this case is around Rs58-59.
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