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Arora Fibres Ltd - Outcome of Board Meeting (Delisting of Equity Shares)

By Religare

Arora Fibres Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 05, 2015, has considered the proposal of Delisting of Equity Shares of the Company as proposed by existing promoters of the Company and concluded the following in this regards:

1. The Board has considered and taken on record the proposal received from Mr. Rupinder Singh Arora, Mr. Dilawar Singh Arora and Par Solar Private Limited, (Promoters and Promoter Group of the Company) vide their letter dated October 31, 2015, proposing to voluntarily delist the equity shares of the Company from BSE Limited ("BSE") where they are presently listed and traded, in accordance with the provisions of the SEBI (Delisting of Equity Shares) Regulations, 2009, as amended from time to time (the "Delisting Regulations") by making a delisting offer (the "Delisting Offer") to the public shareholders of the Company, as defined under the Delisting Regulations, to acquire up to 40,88,161 (Forty Lacs Eighty Eight Thousand One Hundred & Sixty One) Equity Shares, representing approximately 40.66% of the paid up share capital, held by public shareholders (the "Delisting Proposal").

2. The Board has appointed Systematix Corporate Services Limited (the "Merchant Bankers"), as Merchant Bankers to conduct due diligence in accordance with Regulation 8(1A)(ii) of the Delisting Regulations.

3. The Board has furnished the details of trading in shares of the Company for a period of 2 years prior to this Board meeting by top 25 shareholders of the Company to the Merchant Bankers in accordance with Regulations 8(1A)(iii) of the Delisting Regulations and requested them to submit a report in accordance with Regulations 8(1E) of the Delisting Regulations on or before November 19, 2015.

4. The Board, based on the report submitted by the Merchant Bankers, will consider and approve the Delisting Proposal in accordance with Regulations 8(1B) and other applicable provisions of the Delisting Regulations. The Board will meet, to consider the delisting proposal on receipt of due diligence report submitted by the Merchant Bankers.

5. The Board has taken on record that Mr. Rupinder Singh Arora, being promoter director of the Company and proposed Acquirer, has voluntarily requested that he will not participate in any deliberations of the Board and refrain himself from voting on any matter related to the Delisting Proposal.

Story first published: Friday, November 6, 2015, 12:20 [IST]
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