iGate Global to de-list by December
iGate Global Solutions has announced plans to delist from the Indian stock exchanges in accordance with the Securities and Exchange Board of India (Delisting of Securities) guidelines, 2003.
By INDIATIMES NEWS NETWORK |
MUMBAI: iGate Global Solutions has announced plans to delist from the Indian stock exchanges in accordance with the Securities and Exchange Board of India (Delisting of Securities) guidelines, 2003.
The delisting process is expected to be completed by December 2007. The board of directors of iGate Global Solutions took on record the letter received from its promoter iGATE Corporation, USA and has convened an extraordinary general meeting on November 13 to consider the proposal.
As per the Indian laws, iGate Global can go forward with the delisting if the promoters hold over 90 per cent stake, which as of now stands at 81.1 per cent.
The purchase of the publicly-held shares in connecti on with the delisting will be done through shareholder-led reverse book building process. iGate Global Solutions shares opened at Rs 348, up 10 per cent from its previous close on the BSE.
The delisting process is expected to be completed by December 2007. The board of directors of iGate Global Solutions took on record the letter received from its promoter iGATE Corporation, USA and has convened an extraordinary general meeting on November 13 to consider the proposal.
As per the Indian laws, iGate Global can go forward with the delisting if the promoters hold over 90 per cent stake, which as of now stands at 81.1 per cent.
The purchase of the publicly-held shares in connecti on with the delisting will be done through shareholder-led reverse book building process. iGate Global Solutions shares opened at Rs 348, up 10 per cent from its previous close on the BSE.
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