Anup Engineering, subsidiary of Arvind, is set to delist from the defunct Ahmedabad Stock Exchange (ASE) by making a delisting offer to about 9% of its public shareholders. The company received bids for only 16,221 shares as against the total publicly held 30,352 shares on June 2.
The delisting of the shares of face value of Rs 100 each will be done at the offer/floor price of Rs 1,550 an equity share. Notably, bids of 1,232 shares were tendered at the floor price, while the highest bid of 9,334 shares was made for the price of Rs 11,000.
Anup Engineering has strong financial and operational record with turnover of about Rs 130 crore and net profit of over Rs 10 crore for the fiscal 2014-15. Arvind has a portfolio of 12 of its own brands. It also runs the country’s largest value retail chain Megamart and the UK-based department store chain Debenhams, and the apparel specialty retail chain Next.