Nayara Power mentioned on Thursday that its Board of Administrators has determined to make a proposal to its minority shareholders to buyback 2,59,08,262 shares at ₹731 per share with an goal to offer an exit alternative.
The choice was taken on Monday.
The fairness shares of Nayara Power had been beforehand listed on BSE and Nationwide Inventory Alternate of India. The fairness shares had been voluntarily delisted from each the inventory exchanges from February 17, 2016, in accordance with relevant SEBI (Delisting of Fairness Shares) Laws, 2009.
Erstwhile promoter entity acquired fairness shares from non-promoter public shareholders throughout the Delisting course of, which was performed via Reverse Guide Constructing on Inventory Alternate platform and subsequently by way of an Exit Provide for one-year interval from February 2016 to February 2017.
Nonetheless, over 2 lakh retail shareholders, who didn’t take part within the delisting and subsequent exit provide offered to them, proceed to carry shares within the firm.
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Because the fairness shares of the corporate aren’t traded on any of the inventory exchanges, the minority shareholders aren’t in a position to liquidate or monetise their shareholding and have been steadily approaching the corporate requesting an exit alternative be offered to them.
Therefore the Board of Administrators have determined to make a buyback provide to the minority shareholders. Primarily based on a valuation train performed by an Impartial Registered valuer, the provide could be made at a worth of ₹731 per share.
The corporate would shortly be finalising the schedule for the buyback program and issuing the Letter of Provide to its minority shareholders.
