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JEPL along with other promoters holds 40,86,950 equity shares representing 89.89% of the paid up equity share capital of the company. The promoter/ acquirer has agreed to purchase the publicly held shares of the company constituting 10.11% of the outstanding equity share capital of the company in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulation 2009 ("Delisting Regulations").
In view of the above, at its meeting held on 10 November 2012, the board has decided to take on record the aforementioned letter dated 01 November 2012 received from JEPL with respect to their delisting proposal of the promoter and to consent to the voluntary delisting proposal.
The board has decided to seek the consent of the public shareholders of the company for the voluntary delisting proposal by way of postal ballot in accordance with the provisions of section 192 A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 and Delisting Regulations.
Further, it may be noted that as per clause 15(2) of the Delisting Regulations, the floor price of the company`s shares is proposed to be fixed at Rs 350 per share.
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