Kolkata, June 1 (IANS) Dunlop India Tuesday said the Bombay Stock Exchange (BSE) has allowed trading of 2.7 crore shares of the company issued on rights basis to the shareholders.
Dunlop India said the BSE in a notification May 31 has allowed trading of these shares.
This follows a Delhi High Court order in February vacating a stay on trading of these shares issued in 2007.
The stay order was imposed in November 2008 following a special leave petition by the Securities and Exchange Board of India challenging the rights issue.
After a gap of almost eight years, the company started trading 4.5 crore equity shares from January 12, 2010, excluding the 2.7 crore equity shares issued as rights to the shareholders.
‘There is no bar now on de-matting and trading of all the 7.2 crore equity shares of the company. Trading is permitted in both physical mode and electronic mode,’ the company said in a statement.
The company has a total equity base of Rs.72 crore, of which public holding is 26 percent.
‘The entire capital of the company is now free to be traded in stock exchanges. We are confident that the shareholders will get fair value for the loyalties they have shown to the company for so many years,’ said Dunlop India Chairman Pawan K. Ruia.
The Ruia Group acquired Dunlop India in 2005 from Manohar Rajaram Chhabria’s family.