In a note to BSE, the company said it received a letter from Shashi Kiran Shetty and Talentos Entertainment, members of the promoters, wherein the two promoters expressed their intention to, either individually or collectively or together with other members of the promoter droup, as the case may be, acquire all the fully paid-up equity shares of the company.
Each equity share of the stock has a face value of Rs 2 each.
Following the development, the scrip rose 20 per cent to hit a high of Rs 130.80 on BSE.
As of the date, the members of the promoter group collectively hold 17,20,22,209 shares, aggregating to 70.01 per cent of the paid-up equity share capital of the company. Public shareholders hold 7,36,73,315 equity shares in the company, aggregating to 29.99 per cent of the paid-up equity share capital of the company.
Pursuant to the delisting proposal letter, the board of directors of the company were requested to convene a meeting to consider and approve the proposal, take all necessary steps to seek the requisite approvals for the delisting proposal, including from the shareholders of the company, stock exchanges, third parties, lenders and any other authority.
“In accordance with the company’s code of conduct to regulate, monitor and report trading by insiders, the trading window of the company is currently closed pending declaration of the unaudited standalone and consolidated financial results for the quarter ended June 30, 2020 and shall open 48 hours after the declaration of the results,” it said in a BSE filing.