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| Exchange Disseminated Time | Indo Tech Transformers Ltd has informed BSE that the "Company has received a proposal dated October 12, 2012, from PROLEC-GE INTERNACIONAL, S. DE R.L. DE C.V. (the "Acquirer"), to voluntarily delist the equity shares of the Company presently traded on the National Stock Exchange of India Limited (the "NSE") and the BSE Limited ("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 October 15, 2012 has resolved as follows:
(i) to take on record the letter dated October 12, 2012 received from the Acquirer with respect to the Delisting Proposal;
(ii) to approve the Delisting Proposal; and
(iii) 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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