Tudor India to delist from BSESeptember 24th, 2008 - 9:42 pm ICT by IANS
Ahmedabad, Sep 24 (IANS) Battery maker Tudor India Ltd (TIL), a subsidiary of the Britain-based Chloride Motive Power Batteries, is set to delist its shares from the Bombay Stock Exchange (BSE). The company will hold an extraordinary general meeting of the shareholders Oct 27 for their nod for the proposal, officials said.
Tudor India received the delisting proposal from CMP Batteries, a wholly owned subsidiary of US-based energy solutions provider Excide Technologies, last week.
CMP currently holds 83.63 percent of Tudor’s equity.
In 2000, Tudor India issued 17.51 million equity shares of Rs.10 each on preferential basis to CMP. In 2001, the company further allotted 8.6 million equity shares at Rs.20.31 per share, including a premium of Rs.10.31, to CMP in discharge of the liability towards deferred payment of credit worth Rs.175 million.
Tudor India was also listed on the Ahmedabad Stock Exchange but got delisted in 2003. The company achieved a net sales turnover of Rs.1.23 billion last fiscal.