The company will acquire 3.63 crore of its shares not held by promoters, at an offer price of Rs 235 each, the company said in a statement. In a board meeting held today, the proposal put up by the founder of the company Karshanbhai Patel was accepted after long parleys, sources said.
The delisting procedure will be carried out in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares Regulations), 2009, the company said. "Over the years, there has been a significant change in the business mix of the Company, as a result of which the risk profile, investment needs and returns ratios of the company have changed quite significantly and materially from the time of its initial listing," a company statement said.
Nirma Limited engaged in soaps and surfactants was incorporated in 1984 and listed in 1994. Nirma charted its success story competing against multi-national firms led by its founder Patel, who changed the company of yesteryears into multi-location, multi product USD 1 billion revenue corporate with operations in India and USA.