Elcid Investments Ltd board to consider delisting proposal

JM Financial Limited, manager to the offer, for and on behalf of certain members of the promoter and promoter group of Elcid Investments Limited (as defined under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended) viz., Dipika Chemicals Private Limited (the "Acquirer") and Ms Dipika Amar Vakil ("PAC 1"), Mr Varun Amar Vakil ("PAC 2") and Amar Arvind Vakil HUF ("PAC 3"), persons acting in concert with the Acquirer (collectively "PACs"), in accordance with Regulation 8 of the Delisting Regulations ("Initial Public Announcement") to express their intention to: (a) acquire all Equity Shares that are held by public shareholders (as defined under the Delisting Regulations) either individually or collectively, as the case may be; and (b) consequently voluntarily delist the Equity Shares from the stock exchange on which they are presently listed i.e., BSE Limited, by making a delisting offer in accordance with the Delisting Regulations ("Delisting Proposal").

Pursuant to the above, a meeting of the board of directors of the Company is being convened on Monday, March 28, 2022 to take on record and review the due diligence report of the peer reviewed company secretary ("Company Secretary") appointed to carry out the due diligence in accordance with Regulation 10(3) and any other applicable provisions of the Delisting Regulations and consider and approve / reject the Delisting Proposal after discussing and taking into account various factors and the Company Secretary's due diligence report.

Source : Equity Bulls

Keywords

ELCIDInvestments DelistingProposal PromoterGroup BoardMeeting