Hitech Corporation Proposes Voluntary Delisting

Indicative Offer Price: Rs. 353 per share
Public Shareholding to be Acquired: 43,91,220 shares

What just happened

Hitech Corporation Limited's Board of Directors has approved a proposal for the voluntary delisting of its equity shares from both the BSE Limited and the National Stock Exchange of India Ltd. This move is initiated by the promoter group, Geetanjali Trading and Investments Private Limited.

Why this matters

This announcement marks the beginning of an exit opportunity for public shareholders. The indicative offer price set by the acquirer is Rs. 353 per share, with a regulatory floor price of Rs. 252 per share. If approved, this delisting will remove the company's shares from public trading.

The backstory

As of the filing, the promoter group holds 74.43% of the company's total paid-up equity share capital of 1,71,75,700 shares. The public shareholders collectively own 43,91,220 shares, representing 25.57% of the total equity.

What changes now

The delisting process is contingent upon securing approval from shareholders through a postal ballot. The company has also confirmed that due diligence and audit reports verify compliance with SEBI Delisting and SAST Regulations. Kreo Capital Private Limited has been appointed as the Manager to the Offer.

Risks to watch

The final exit price will be determined through the delisting process, not necessarily at the indicative Rs. 353 per share. Investors must monitor the postal ballot outcome and the schedule for tendering shares.

Context metrics (time-bound)

• Indicative Offer Price: Rs. 353 per share
• Floor Price: Rs. 252 per share
• Promoter Group Holding: 74.43%
• Public Shareholding: 25.57% (43,91,220 shares)
• Total Paid-up Equity Share Capital: 1,71,75,700 shares

What to track next

Investors should closely follow the details and timeline of the upcoming postal ballot. The outcome of this shareholder vote will be the most critical factor in determining if the delisting proceeds and what the ultimate exit price for public shareholders will be.