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Escorts Finance to delist after buying 5% public holding
New Delhi, Sept 20: Escorts Group`s non-banking finance company Escorts Finance plans to delist from bourses after acquiring the remaining 5.13 per cent shares held by public.
"The company may ultimately delist its equity from all the three bourses -- BSE, Delhi and Ahmedabad exchanges," they said, adding the offer closed on Friday.
The two Escorts group companies -- Escotrac Finance and Investments (Escotrac) and Escorts Finance Investments and Leasing (EFILL) -- made the open offer on August 22 to acquire 80.50 lakh shares of EFL at Rs 10 a share.
The offer was made after the promoter holding in EFL increased by 20 per cent (Rs 40.25 crore) to 94.87 per cent following conversion of optionally convertible loans to equity by Escotrac and EFILL.
This triggered the open offer as envisaged by Sebi’s Takeover Code.
Bureau Report