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Indo Tech Transformers has announced that the company has received a proposal dated 12 October 2012, from Prolec-GE International, S De RL De CV (the acquirer), to voluntarily delist the equity shares of the company presently traded on the National Stock Exchange of India and the BSE (together, the stock exchanges), in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (the SEBI Delisting Regulations), by offering to purchase the equity shares of the company held by public shareholders (as defined under the SEBI Delisting Regulations) (the Public Shareholders), currently amounting to 2,724,375 equity shares, representing 25.65% of the issued and paid-up equity share capital of the company (the delisting proposal).
In view of above, the board at its meeting held on 15 October 2012 has resolved to take on record the letter dated 12 October 2012 has received from the acquirer with respect to the delisting proposal and to approve the delisting proposal.
Further, the board has resolved to seek the consent of the equity shareholders of the company for the delisting proposal by way of a postal ballot in accordance with the provisions of section 192A of the Act read with the postal ballot rules and to approve the draft of the postal ballot notice, together with the explanatory statement (in terms of section 173(2) of the Act), to be sent to the equity shareholders of the company.
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