Texmaco Infrastructure & Holdings Limited updates on delisting proposal

The Board of Directors of Texmaco Infrastructure & Holdings Limited ('Board') at its Meeting held today, has noted and placed on record the letter dated 4th February, 2021 received from Adventz Finance Private Limited ('Adventz Finance'), a promoter group entity of the Company expressing the desire of Promoter / Promoter group to acquire equity shares of the Company from the Public shareholders with intention to voluntarily delist the equity shares of the Company from National Stock Exchange of India Limited & BSE Limited where the equity shares of the Company are listed in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ('Delisting Regulations').

The board appointed M/s. Keynote Financial Services Limited as Merchant Banker for carrying out the due diligence as required under the Delisting Regulations and for other incidental activities in connection with the delisting process.

The board noted a letter dated 10th February, 2021 received from Adventz Finance offering an indicative price of Rs. 58/- (Rupees fifty-eight), as a price at which the Promoter / Promoter group will be willing to accept equity shares in the delisting proposal. We have been informed vide the said letter that the Promoter / Promoter group has the sole discretion to accept or reject the price discovered in terms of the Delisting Regulations or provide a counter offer to the Public shareholders in terms of the Delisting Regulations. The indicative offer price should in no way be construed as an obligation on the Promoter / Promoter group to accept any price which is higher than the indicative offer price.

Shares of TEXMACO INFRASTRUCTURE & HOLDINGS LTD. was last trading in BSE at Rs.68.15 as compared to the previous close of Rs. 72.15. The total number of shares traded during the day was 633885 in over 1044 trades.

The stock hit an intraday high of Rs. 72.7 and intraday low of 67.5. The net turnover during the day was Rs. 44267636.

Source : Equity Bulls

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