Uncategorized

Nirma shareholders vote for delisting

Mumbai, Nov 22 (IANS) Shareholders of detergent manufacturer Nirma Monday voted for delisting the company from the stock exchanges.

As many as 99.8 percent of the valid votes were in favour of delisting, Nirma said in a regulatory filing.

A month earlier, the company had informed the leading stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange, of its intention to de-list from the bourses.

Nirma had said it no longer remained just a fast moving consumer goods firm but had entered into other sectors such as chemicals, pharmaceuticals and cement.

Also, it said it was mulling other ventures, which could be heavily capital intensive and have long gestation periods, and such decisions may not find favour among other non-promoter shareholders.

‘Given the low trading liquidity in the stock, the delisting offer should provide investors with an opportunity to get an exit at a fair value,’ the company had said.

In afternoon trade, shares of Nirma at the BSE were ruling at Rs.227.80, up 0.18 percent from its previous close. It had touched an intra-day high of Rs.231.50.

Leave a Reply

Your email address will not be published. Required fields are marked *