Fairfield Atlas rallies on delisting plan
The board of the company will meet on February 26, 2013, to consider and approve the delisting offer received from parent company.
Fairfield Atlas has locked in upper circuit of 5% at Rs 124 after the company announce delisting plan.
“The board of directors of the company will meet tomorrow on February 26, 2013, to consider and approve the delisting offer received from parent company,” Fairfield Atlas said in a filing.
The company has received a letter from TH Licensing Inc., the promoter of the company proposing to make a voluntary delisting offer to the public shareholders of the company in accordance with the delisting regulations with a view to delist the equity shares of the company from BSE, it added.
The market regulator Securities and Exchange Board of India (Sebi) has mandated that all listed companies have to increase public shareholding to a minimum 25% by June 2013.
TH Licensing Inc. currently holds 83.91% of the paid-up capital of the company.
The stock opened at Rs 124 and has seen around 5,600 shares changing hands on BSE. There are pending buy orders for 318,037 shares on BSE at 1349 hours.
“The board of directors of the company will meet tomorrow on February 26, 2013, to consider and approve the delisting offer received from parent company,” Fairfield Atlas said in a filing.
The company has received a letter from TH Licensing Inc., the promoter of the company proposing to make a voluntary delisting offer to the public shareholders of the company in accordance with the delisting regulations with a view to delist the equity shares of the company from BSE, it added.
The market regulator Securities and Exchange Board of India (Sebi) has mandated that all listed companies have to increase public shareholding to a minimum 25% by June 2013.
TH Licensing Inc. currently holds 83.91% of the paid-up capital of the company.
The stock opened at Rs 124 and has seen around 5,600 shares changing hands on BSE. There are pending buy orders for 318,037 shares on BSE at 1349 hours.