Indian Stock Market

TTK Prestige to consider delisting of shares

TTK Prestige Ltd has announced that the promoters of the Company TT Krishnamachari & Co. has sent a letter that they are desirous of delisting the equity shares of TTK Prestige Ltd from Bombay Stock Exchange as well as National Stock Exchange Ltd in accordance with SEBI (Delisting Guidelines 2003).

The meeting of the Board of Directors scheduled to be held on September 01, 2008 will consider this matter amongst others.

Essar Steel Holdings Limited has fixed the delisting price of Essar Steel Limited. The Essar Steel delisting price which was determined by the reverse book building process where shareholders bid on the delsiting price is Rs. 48 per share of face value Rs 10 each. This announcement was made by Edelweiss Capital Limited which is the Manager to the Delisting Offer. The minority shareholders of Essar Steel Limited have two options. They can choose to surrender their shares to Essar Steel Holdings Limited for Rs. 48 per share or they can choose to hold on to the shares of Essar Steel Limited, which will be delisted and hence not traded on the stock exchanges. The risk with choosing the latter option is the lack of liquidity after delisting. Shareholders might not be able to sell the shares of Essar Steel Limited at all and may be struck with them for eternity. However, these shareholders will continue to enjoy all shareholder rights such as voting rights and right to receive dividend along with other benefits arising from various corporate actions of Essar Steel Limited.