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Kesoram seeks delisting from DSE, buys back 5.29 lakh shares
Kolkata, Jun 02: B K Birla flagship Kesoram Industries Ltd is planning to delist its shares from the Delhi Stock Exchange even as it bought back 5.29 lakh shares in the second round of buy-back that commenced in December, 2002.
Kolkata, Jun 02: B K Birla flagship Kesoram Industries Ltd is planning to delist its shares from the Delhi Stock Exchange even as it bought back 5.29 lakh shares in the second round of buy-back that commenced in December, 2002.
"During the last 12 months, no transaction of company's shares has taken place in DSE; It is proposed that the ordinary shares be delisted from the said exchange as it will hardly cause any inconvenience to the investors," Kesoram officials said.
Officials said they were also planning to insert a new clause in articles of association wherein it would be able to get permission of shareholders on certain matters through postal ballots in future.
The company's shares were presently listed at the NSE, BSE, CSE and DSE.
Officials said the decision was taken as per Securities and Exchange Board of India (Delisting of Securities Guideline), 2003, which allowed the company to get voluntarily delisted its securities from a stock exchange provided its securities continued to be listed in the exchange having nationwide trading terminals.
"Since the shares of the company are already listed and continue to be listed at NSE and BSE, which have trading terminals in various cities affording the investors access to trade and deal in company's ordinary shares across the country," officials said.
Two separate resolutions regarding delisting and inserting a new clause in articles would be moved at coming AGM.
Bureau Report
Officials said they were also planning to insert a new clause in articles of association wherein it would be able to get permission of shareholders on certain matters through postal ballots in future.
The company's shares were presently listed at the NSE, BSE, CSE and DSE.
Officials said the decision was taken as per Securities and Exchange Board of India (Delisting of Securities Guideline), 2003, which allowed the company to get voluntarily delisted its securities from a stock exchange provided its securities continued to be listed in the exchange having nationwide trading terminals.
"Since the shares of the company are already listed and continue to be listed at NSE and BSE, which have trading terminals in various cities affording the investors access to trade and deal in company's ordinary shares across the country," officials said.
Two separate resolutions regarding delisting and inserting a new clause in articles would be moved at coming AGM.
Bureau Report