"Russell intends to delist the shares of Wimco from the BSE and NSE Mumbai by making an offer to the remaining shareholders for acquiring their equity shares through the book building process," the release added.
The board, at its meeting on July 1, 2005, has also approved the transfer in favour of Russell Credit 52,00,000, 0.05% fully paid-up redeemable cumulative preference shares of Rs 100 each from Svenska Tandsticksbolaget Forsaljningsaktiebolag, Sweden.