Innovative Foods - Delisting of Shares by BIFR Order

Innovative Foods Ltd has informed BSE that Board for Industrial and Financial Reconstruction (BIFR) passed an Order dated August 11, 2009, allowing the Company to de-list its shares from all the stock exchanges they are listed without following the prescribed procedure. The relevant part of the Order is reproduced as under :


a) As requested by the Company IFL to de-list the shares, the Bench approves the de-listing of shares from all stock exchanges without following the prescribed procedure for de-listing, on payment of the exit price calculated as per SEBI (Delisting of Securities) Guidelines, 2003 or at Rs 34.50 per shares, whichever is higher. The promoters shall make the payment to the public shareholders who have tendered their share to the promoters, within 10 working days of the closure of the offer made and the offer shall remain open for a period of 15 days.

For the purpose of calculating the exit price as per SEBI (Delisting of Securities) Guidelines, 2003, the date of the Order is August 11, 2009 will be taken as relevant date.