Indo Tech Tansformers falls 5% on delisting offer

Indo Tech Transformers fell nearly 5 percent to touch an intraday low of Rs 160 on Friday as the company set indicative exit price at Rs 120 per share for delisting of equity shares from both exchanges.

The exit price was much less than yesterday's closing price of Rs 168.10. The company passed the delisting proposal on November 30 through postal ballot.

Indo Tech had received proposal from promoter Prolec-GE Internacional to voluntariliy delist the equity shares of the company by offering to purchase shares held by public shareholders.

Public shareholding currently is 25.65 percent or 27,24,375 equity shares while Prolec-Ge Internacional S DE R L DE C V holds 74.35 percent stake in the company.

Delisting offer will open on January 23 and close on January 30, 2013.

The stock has gained more than 34 percent in last one month to hit a 52-week high of Rs 172.90 on December 19.

At 10:26 hours IST, the stock declined 1.84 percent to Rs 165 on the Bombay Stock Exchange. Yesterday too the stock fell 1.75 percent.
 
Market capitalisation of the company currently stands at Rs 175.23 crore. 

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