Hitech Corporation shareholders approve voluntary delisting from BSE and NSE
AI Market Summary
Hitech Corporation shareholders approved voluntary delisting from BSE and NSE via postal ballot, meeting SEBI's special majority threshold. The promoter acquirer plans to buy the remaining 25.57% public float at an indicative ₹353 per share, a 40.08% premium to the floor price and well above recent VWAP. The event is company-specific, with limited broader market spillover beyond marginal sentiment for small/mid-cap Indian equities.
Impact level
● Low
Affected assets
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AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Hitech Corporation shareholders approved a proposal to voluntarily delist the company’s shares from BSE and the National Stock Exchange of India through a postal ballot, with more than a two-times special majority among public shareholders. The promoter group entity Geetanjali Trading and Investments Private Limited has offered an indicative price of ₹353 per share to buy the remaining 25.57% public float, a 40.08% premium to the floor price of ₹252. The offer price is well above the 60-day VWAP of ₹148.82 and the adjusted book value of ₹252, as stated in the company’s announcement. The delisting process has been cleared by the board and structured under the applicable regulatory framework, with the acquirer currently holding 74.43%.
