IKF Finance: Intimation of floor price & indicative offer price

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26 Aug, 2025 12:21

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With reference to the earlier announcement dated October 14, 2013 intimating the approval of the Board of Directors of the Company to the delisting proposal ("Delisting Proposal") received from Mr. V G K Prasad, Mrs. Indira Devi Vupputuri, Mrs. Vasumathi Devi Koganti and Mrs. Vasantha Lakshmi Devineni, members of the promoter and promoter group of the Company ("Acquirers"), IKF Finance Ltd has now informed BSE that the Company has received a communication from the Acquirers, pursuant to letter dated November 18, 2013, informing that the floor price has been determined by the Acquirers in accordance with the Delisting Regulations.As per the available trading data, the Equity Shares of the Company are infrequently traded on BSE Limited and the Ahmedabad Stock Exchange Limited and hence, the floor price has been determined as per the Regulation 15(2)(b) read with Regulation 15(3) of the Delisting Regulations. Accordingly, as informed by the Acquirers, the 'floor price' has been calculated considering the following factors:(a) the highest price paid by the promoter for acquisitions, if any, of equity shares of the class sought to be delisted, including by way of allotment in a public or rights issue or preferential allotment, during the twenty six weeks period prior to the date on which the recognized stock exchanges were notified of the board meeting in which the delisting proposal was considered and after that date upto the date of the public announcement; and(b) other parameters including return on net worth, book value of the shares of the company, earning per share, price earning multiple vis-a-vis the industry average.Accordingly, the Acquirers have informed the Company that, in consultation with ICICI Securities Limited (the "Merchant Banker"), they have considered a floor price of Rs. 14.69 per Equity Share. In this regard, the Acquirers have also informed the Company that the Acquirers have also considered the report dated November 18, 2013, issued by M/s. K. J. Sheth & Associates, Chartered Accountants, having its offices at 2nd Floor, Seksaria Chambers, 139, N. M. Road, Fort, Mumbai 400001, which calculates a floor price of Rs. 14.69 per Equity Share, based on the above factors and other parameters mentioned in the report.Accordingly, the Acquirers have pursuant to the above mentioned letter communicated a floor price of Rs. 14.69 per Equity Share for the Delisting Proposal.Further, the Acquirers have informed, after considering the prevailing market conditions that Rs. 15.50 per Equity Share is to be an indicative price at which the Acquirers may be willing to accept the Equity Shares tendered in the delisting offer ("Indicative Offer Price"). However, this Indicative Offer Price should in no way be construed as:i. a ceiling or maximum price for the purposes of the reverse book building process and the public shareholders are free to tender their Equity Shares at any price irrespective of the Indicative Offer Price, in accordance with the Delisting Regulations; orii. a commitment by Acquirers to accept the Equity Shares tendered in the delisting offer, if the discovered price (price at which maximum Equity Shares have been tendered in the reverse book building process) is less than the Indicative Offer Price; oriii. an obligation on the Acquirers to pay the Indicative Offer Price in the event the discovered price is lower than the Indicative Offer Price; oriv. any restriction on the ability of Acquirers to acquire Equity Shares at a price higher or lower than the Indicative Offer Price.Source : BSE

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