NOVOPAN INDUSTRIES LTD. - Post Delisting Offer

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NOVOPAN INDUSTRIES LTD. - Post Delisting Offer

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04 Sep 2014
Arihant Capital Markets Ltd ("manager to the Delisting Offer") has submitted to BSE a Copy of public announcement (Post Offer PA) is being issued by GVK Projects and Technical Services Ltd (the Acquirer") to the public shareholders of Novopan Industries Ltd ("Target Company"). This Post Offer PA is in continuation of and should be read in conjunction with, (i) the public announcement published on July 25, 2014 (PA) in respect of the voluntary delisting of fully paid-up equity shares of the Company from BSE Limited and National Stock Exchange of India Limited in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), and (ii) the Letter of Offer dated July 25, 2014 issued in respect thereof inviting Bids from all Public Shareholders of the Company (Bid Letter'). This Post Offer PA is being issued in accordance with Regulation 18 of the Delisting Regulations. <br/><br/>Capitalised terms and abbreviations used in the Post Offer PA and not defined herein have the same meaning as ascribed to them in the PA and the Bid Letter, unless otherwise specified.<br/><br/>The Acquirer issued the PA seeking to acquire, in accordance with the Delisting Regulations and on the terms and conditions set out therein and in the Bid Letter, up to 30,02,498 Equity Shares representing 25.21 % of the total paid-up equity share capital of the Company from the Public Shareholders. The Public Shareholders of the Company were invited to submit Bids pursuant to a reverse book-building process (RBP) made available through the electronic system of the BSE during the Bid Period (August 21, 2014 to August 27, 2014), in accordance with the Delisting Regulations.<br/><br/>Discovered Price and Exit Price:<br/><br/>In terms of Regulation 15(1) of the Delisting Regulations, the Discovered Price (i.e., the price at which the maximum number of Equity Shares are tendered by the Public Shareholders) determined through RBP is Rs. 40 (Rupees Forty only) per Equity Share. Accordingly, the final price decided by the Acquirer for accepting the Equity Shares successfully tendered in the Delisting Offer is Rs. 40 (Rupees Forty only) per Equity Share (the Exit Price).
View all announcements for NOVOPAN INDUSTRIES LTD.	Source: BSE India

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