Hitech Corporation has issued a corrigendum to its reverse book building process, revising the total of validly tendered shares downward by 100 due to rejected physical documents. Despite this minor technical adjustment, the company confirms its promoter group has successfully achieved the 91.96% shareholding threshold required to proceed with its delisting under SEBI regulations.
Hitech Corporation Delisting Process Update
Validly tendered shares: 30,09,593; Post-acquisition promoter holding: 1,57,94,073.
Reader Takeaway: A minor administrative adjustment to tendered shares confirms the delisting process remains successful and compliant.
What just happened
Hitech Corporation Ltd has issued a formal corrigendum regarding the outcome of its Reverse Book Building Process (RBBP) for share delisting. The company clarified that 100 physical equity shares, initially thought to be absent from the tender, were actually submitted but subsequently rejected by the registrar, MUFG Intime India Private Limited, due to incomplete documentation.
Why this matters
For shareholders and the company, this update is procedural. The revision lowers the count of validly tendered shares by exactly 100 units compared to previous filings. Investors should note that this adjustment does not alter the fundamental success of the delisting effort, as the promoter group comfortably maintains the minimum required threshold to move forward.
The status of delisting
Following the downward adjustment of the tendered count, the promoter group now holds 1,57,94,073 equity shares, representing 91.96% of the total fully paid-up equity capital. The company has officially confirmed that these revised figures remain well above the regulatory threshold mandated by SEBI, ensuring the delisting process continues as planned.