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CHEMPLAST SANMAR LTD. - Updates on Delisting Offer
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13 Jun 2012
Inga Capital Pvt Ltd (&quot;Manager to the Offer&quot;) on behalf of Sanmar Holdings Ltd (&quot;Promoter&quot;) along with Sanmar Group International Ltd, an entity forming part of Promoter Group of the Company (&quot;Person Acting in Concert&quot; / &quot;PAC&quot;), has informed this Exit Offer Public Announcement to the Equity Shareholders of Chemplast Sanmar Ltd (&quot;Target Company&quot;) in respect of the voluntary delisting of the equity shares (&quot;Equity Shares&quot;) of the Target Company from BSE Ltd, National Stock Exchange of India Ltd and Madras Stock Exchange Ltd. &lt;br/&gt;&lt;br/&gt;This Announcement is in continuation to and should be read in conjunction with the Public Announcement published on March 28, 2012 (&quot;PA&quot;) and the offer letter dated March 28, 2012 (&quot;Offer Letter&quot;) and the post offer public announcement published on April 23, 2012 (&quot;Post Offer Public Announcement&quot;) in accordance with regulation 18 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (&quot;Delisting Regulations&quot;).&lt;br/&gt;&lt;br/&gt;Capitalized terms used but not defined in this Advertisement shall have the same meaning assigned to them as in the PA and the Offer Letter or the Exit Offer Letter.&lt;br/&gt;&lt;br/&gt;1. Intimation of Date of Delisting:&lt;br/&gt;&lt;br/&gt;Pursuant to the delisting offer made by the Promoter to the public shareholders of the Company, the Company had applied to the BSE Ltd (&quot;BSE&quot;) on May 04, 2012, National Stock Exchange of India Ltd (&quot;NSE&quot;) on May 04, 2012 and Madras Stock Exchange Ltd (&quot;MSE&quot;) on May 0, 2012 to delist Equity Shares of the Company from BSE, NSE and MSE.&lt;br/&gt;&lt;br/&gt;BSE, vide its notice dated June 04, 2012 and NSE, vide its dated June 04, 2012 have communicated that trading in the Equity Shares of the Company will be discontinued/suspended with effect from June 18, 2012 and the equity shares of the Company will be delisted from BSE and NSE records with effect from June 25, 2012 (&quot;Date of Delisting&quot;). MSE, vide its dated June 06, 2012 has communicated that the equity shares of the Company will be delisted with effect from June 25, 2012 (&quot;Date of Delisting&quot;). The delisting of the Equity Shares means that they will no longer be traded on the BSE, NSE or MSE and a liquid market for trading of the Equity Shares will cease to exist.&lt;br/&gt;&lt;br/&gt;2. Outstanding Equity Shares after Delisting:&lt;br/&gt;&lt;br/&gt;In accordance with regulation 21(1) of the Delisting Regulations, and as announced earlier in the Post Offer Public Announcement, the remaining Public Shareholders of the Company who did not or were not able to participate in the reverse book building process (&quot;RBP&quot;) or who unsuccessfully tendered their equity shares in RBP process will be able to offer their Equity Shares to the Promoter at the price of Rs. 15/- per equity share (&quot;Exit Price&quot;) for a period of one year starting from the Date of Delisting i.e. from June 25, 2012 to June 24, 2013 (&quot;Exit Period&quot;).&lt;br/&gt;&lt;br/&gt;3. Payment of Consideration to Residual Shareholders:&lt;br/&gt;&lt;br/&gt;Subject to any regulatory approvals as may be required, the Promoter intends to make payments on a monthly basis, within 10 working days of the end of the relevant calendar month (&quot;Monthly Payment Cycle&quot;). Payments will be made only to those Shareholders who have validly tendered their Equity Shares, by following the instructions laid out in the Exit Offer Letter and the enclosed application form (&quot;Exit Application Form&quot;). The first Monthly Payment Cycle shall commence for shares validly tendered upto June 30, 2012. In respect of shares validly tendered in June 2013, payment shall be made within 10 working days from June 24, 2013.&lt;br/&gt;&lt;br/&gt;All other terms and conditions set forth in the PA and the Offer Letter remain unchanged.
View all announcements for CHEMPLAST SANMAR LTD. Source: BSE India