Public shareholders of Indian Steel and Wire Products Ltd (ISWPL) have been offered exit price of Rs 135 per share, its promoter Tata Steel said in an exchange filing today.
"Based on valuation done by an independent valuer, the exit opportunity will be extended at a fixed price of Rs 135 per equity share of ISWPL," Tata Steel said.
Tata Steel, which owns 91.36% stake in ISWPL, intends to delist the company from Calcutta Stock Exchange (CSE), the only bourse where it is listed.
"Assuming that all the public shareholders of ISWPL participate in such an exit opportunity, the company would incur a financial outlay of approximately Rs 4.92 crore," it added.
ISWPL had, in last December, applied to the Board for Industrial and Financial Reconstruction (BIFR) for delisting from CSE.
BIFR permitted ISWPL to extend an exit opportunity to the public shareholders on January 3.
ISWPL, a Tata Steel subsidiary, is one of the first wire drawing plants established in India.