Fairfield Atlas has locked in upper circuit of 5% at Rs 137 after its board approved the delisting offer received from parent company.
“The board of directors of the company at its meeting held on February 26, 2013, has taken on record the aforesaid delisting proposal received from the promoter and approved the same pursuant to and in accordance with Regulation 8(1) (a) of the Delisting Regulations,” Fairfield Atlas said in a filing.
Last week, the company had received a letter from TH Licensing Inc., the promoter of the company proposing to make a voluntary delisting offer to the public shareholders of the company in accordance with the delisting regulations with a view to delist the equity shares of the company from the Bombay Stock Exchange (BSE).
The market regulator Securities and Exchange Board of India (Sebi) has mandated that all listed companies have to increase public shareholding to a minimum 25% by June 2013.
TH Licensing Inc. currently holds 83.91% of the paid-up capital of the company.
The stock has rallied 39% in past seven trading sessions compared to 2% fall in benchmark Sensex.
Around 2,101 equity shares have changed hands on the counter in opening deals and there are pending buy orders for 418,515 shares on BSE.
“The board of directors of the company at its meeting held on February 26, 2013, has taken on record the aforesaid delisting proposal received from the promoter and approved the same pursuant to and in accordance with Regulation 8(1) (a) of the Delisting Regulations,” Fairfield Atlas said in a filing.
Last week, the company had received a letter from TH Licensing Inc., the promoter of the company proposing to make a voluntary delisting offer to the public shareholders of the company in accordance with the delisting regulations with a view to delist the equity shares of the company from the Bombay Stock Exchange (BSE).
The market regulator Securities and Exchange Board of India (Sebi) has mandated that all listed companies have to increase public shareholding to a minimum 25% by June 2013.
TH Licensing Inc. currently holds 83.91% of the paid-up capital of the company.
The stock has rallied 39% in past seven trading sessions compared to 2% fall in benchmark Sensex.
Around 2,101 equity shares have changed hands on the counter in opening deals and there are pending buy orders for 418,515 shares on BSE.
