Kanumanek Trading Company: Updates on delisting offer

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Inga Capital Private Limited ("Manager to the Delisting Offer") on behalf of Ms. Amita Sheth and Ms. Jyoti Sheth (‘Acquirers’), has informed this public announcement ("PA") for the attention of the Equity shareholders of Kanumanek Trading Company Limited ("Target Company"), pursuant to regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (‘Delisting Regulations’).Delisting Offer : The Acquirers seek to acquire 3,429 Equity Shares reapresenting the balance 2.29% of the paid-up equity share capital of the Company (‘Offer Shares’) from the public shareholders (defined to mean all the shareholders other than the Acquirers and members of the promoter & promoter group and hereinafter referred to as ‘Public Shareholders’) and proposes to delist the Equity Shares of the Company from Stock Exchange pursuant to the Delisting Regulations (‘Offer’ / ‘Delisting Offer’).On March 25, 2013, the Acquirers have informed the Company of their intention to make the Delisting Offer and requested the Board of Directors of the Company to take all action required of them under the Delisting Regulations. The Board of Directors of the Company at their meeting held on March 28, 2013, approved the proposal received from the Acquirers to initiate the Delisting Offer in accordance with the Delisting Regulations, subject to applicable law and approval of the shareholders of the Company. A special resolution has been passed by the shareholders of the Company through postal ballot, the result of which was declared on May 14, 2013, and notified to BSE Ltd on May 14, 2013, approving the proposed voluntary delisting of the equity shares from the Stock Exchange in accordance with the Delisting Regulations. The votes cast by Public Shareholders in favour of the Delisting Offer were 2,050 equity shares, being more than two times the number of votes cast by the Public Shareholders against it (Nil equity shares). BSE Limited has issued in-principle approval to the Delisting Offer subject to compliance with the Delisting Regulations vide its letter dated June 5, 2013.STOCK EXCHANGE FROM WHICH THE EQUITY SHARES ARE SOUGHT TO BE DELISTED :The Equity Shares are proposed to be delisted from BSE Ltd in accordance with the Delisting Regulations. Public Shareholders should note that as per the Delisting Regulations:-No application for listing shall be made in respect of the Equity Shares which have been delisted pursuant to this Delisting Offer, for a period of five years from the date of delisting from Stock Exchange, except where a recommendation in this regard has been made by the Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985.DETERMINATION OF FLOOR PRICEa. The Acquirers propose to acquire the Offer Shares of the Company at or higher than the price determined through the reverse book-building process (‘RBP’) conducted in the manner specified in Schedule II of the Delisting Regulations.b. The decision of the meeting of the Board of Directors held for considering the Offer was notified to the Stock Exchange on March 28, 2013.c. The annualized trading turnover based on the trading volume in the Equity Shares on Stock Exchange duringSeptember 1, 2012 to February 28, 2013 (six (6) calendar months prior to the month in which the Stock Exchange were notified of the Board meeting of the Company in which the delisting proposal was considered, i.e. March 28, 2013) is as under:Stock Exchange : BSE LtdTotal no. of Equity Shares traded during September 2012 to February 2013 : NilTotal no. of Listed Equity Shares : 1,50,00Annualized trading turnover ( as a % of total listed Equity Shares) : Nild. Acquirers and other members of promoter & promoter group have not acquired any Equity Shares of the Company in 26 weeks preceding the date of notification of delisting proposal by the Company to Stock Exchange (i.e. March 28, 2013) and from that date to the date of PA.e. As per the explanation to regulation 15(2) of the Delisting Regulations, the Equity Shares of the Company are infrequently traded. Therefore, in accordance with the applicable provisions of regulation 15(3) of the Delisting Regulations, the floor price for the Equity Shares was determined by the Acquirers in consultation with Manager to the Offer to be Rs. 5,265/- (Rupees Five Thousand Two Hundred and Sixty Five only) per equity share (‘Floor Price’).DETERMINATION OF THE EXIT PRICEa. All Public Shareholders can tender Offer Shares of the Company during the Bid Period (as hereinafter defined) as set out in paragraph 12 of this PA.b. The minimum price payable per Equity Share by the Acquirers for the Offer Shares they acquire pursuant to the Delisting Offer, as determined in accordance with the Delisting Regulations, will be the price at which the maximum number of Offer Shares are tendered (‘Discovered Price’) pursuant to RBP conducted in the manner specified in Schedule II of the Delisting Regulations.c. The Acquirers are under no obligation to accept the Discovered Price. The Acquirers may at their discretion acquire Offer Shares at the Discovered Price or at a price higher than Discovered Price. Such price at which Delisting Offer is accepted by the Acquirers (equal to or not less than the Discovered Price) is referred to asthe exit price (‘Exit Price’).d. The Acquirers shall announce the Discovered Price and their decision to accept or reject the Discovered Price and if accepted also announce the Exit Price as applicable, in the same newspapers in which the PA appears, in accordance with the timetable set out herein.e. Once the Acquirers accept the Exit Price, the Acquirers will acquire, subject to the terms and conditions of the PA including but not limited to fulfillment of the conditions mentioned in paragraph 10 below and the Offer Letter, which will be sent to the Public Shareholders of the Company, all the Offer Shares tendered up to and equal to the Exit Price, for a cash consideration equal to the Exit Price for each such Offer Shares tendered.f. If the Acquirers do not accept the Discovered Price, the Acquirers will have no right or obligation to acquire any Offer Shares tendered in the Delisting Offer and the Delisting Offer shall not be proceeded with. Share certificates along with all other documents of all the Public Shareholders who have tendered Equity Shares in the Bid Period will be returned in accordance with the Delisting Regulations.PROPOSED TIMETABLE FOR THE OFFERDate of publication of the PA - March 12, 2014Specified Date for determining the names of shareholders to whom the Offer Letter shall be sent* - March 12, 2014Dispatch of Offer Letter/Bid Forms to Public Shareholders as on Specified Date - March 13, 2014Bid Opening Date - March 26, 2014Last Date of Revision (upwards) or withdrawal of bids - March 27, 2014Bid Closing Date - March 28, 2014Announcement of Discovered Price/Exit Price and the Acquirer’s Acceptance/Non-acceptance of Discovered Price/Exit Price - April 11, 2014Final date of payment of consideration - April 16, 2014Return of Offer Shares to shareholders in case of failure of Delisting Offer/bids have not been accepted - April 16, 2014* Specified Date is only for the purpose of determining the name of the Public Shareholders as on such date to whom the Offer Letter will be sent. However, all owners (registered or unregistered) of the Equity Shares of the Company are eligible to participate in the Delisting Offer any time before and on the Bid Closing Date.Subject to the acceptance of the Discovered Price or offer of an Exit Price higher than the Discovered Price by the Acquirers.All the dates are subject to change and are dependent on obtaining requisite statutory and regulatory approval as may be applicable. In the event there is any change in the proposed timetable, it will be announced by way of corrigendum to this PA in the same newspapers in which this PA appears.Source : BSE

Read all announcements in Kanumanek Tradi

Read More