Lotte India to delist from NSE; stock falls

MUMBAI: Shares of Lotte India took a beating after it announced its plans to delist from National Stock Exchange and Madras Stock Exchange. The company has also made an open offer to buy back up to 19.61 percent of equity at up to Rs 370 each.

The company said its Korean promoters, holding 80.31 percent of equity, did not accept the price of Rs 825 per share, determined through bookbuilding for its initial delisting offer on Sept 12, 2008.

The buy back offer will commence on May 4 and close on May 8, and the discovered price based on the bidding will be declared on May 12, the company said.

At 3 pm, the stock was down 3.25 per cent at Rs 448.90 on the NSE.