Financial Daily from THE HINDU group of publications
Saturday, Jun 26, 2004
Financial Daily from THE HINDU group of publications Saturday, Jun 26, 2004 |
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Corporate
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Announcements Markets - Stocks BPB plans to delist India Gypsum C.R. Sukumar
Hyderabad , June 25 HAVING acquired 39.99 per cent holding in India Gypsum Ltd (IGL) from Hyderabad Industries Ltd in the previous couple of years and consolidated its total holding in IGL to 79.99 per cent, the UK-based BPB Group plans to delist the company from the Indian bourses. This is said to be in line with BPB Group's global policy on holdings in their subsidiaries worldwide. The Mumbai-based Rs 107-crore IGL is engaged in the manufacture of gypsum boards and gypsum based accessories, besides trading in certain goods used in tandem with the manufactured goods. The BPB Group recently informed IGL of its intension to seek the consent of shareholders for voluntary delisting of the company's securities from the stock exchanges of Bombay, New Delhi and Calcutta. This is being proposed through reverse book building process under the SEBI guidelines on delisting of securities. The promoters (BPB Group) have requested IGL to put forth the matter for the consideration of shareholders. In a communiqué to shareholders, IGL said that the promoters had indicated that a price of about Rs 105 per share would be attractive for public shareholders keeping in view the average weekly high and low of the closing prices of the company shares quoted on the NSE in the 26 weeks preceding the date of their request letter. Public shareholders hold the 18.02 per cent in the company. The IGL board has approved the resolution for delisting of shares and called for a general meeting on July 5. The company has informed the shareholders that the board had cleared a proposal for Rs 144.03 crore in the new plasterboard manufacturing facility at Wada near Mumbai located with the plaster plant. To finance the plasterboard plant, the company plans to issue new shares, obtain long-term loans, internally generate funds or try out a combination of options. The IGL board has also approved an investment of Rs 36.74 crore for the plaster manufacturing facility at Wada. The project will be funded through internal accruals and existing credit facilities. The plant will be commissioned by June next year, the company informed shareholders.
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