(4) People have doubt over scattered shareholding while I am confident that even if 50% of the small shareholder’s bid, they will be able to reach 90%. This is because in Mutual funds most of the shares
Re the probability of reaching 90%, you can use the data from the voting for the delisting resolution. Companies need 2/3rd majority from public shareholders (non-promotors) for delisting to proceed. The voting completed on 22nd
May,at https://www.bseindia.com/xml-data/corpfiling/AttachHis/fe2fcf2a-e292-471c-ae0d-fda41f2b2c55.pdf
The voting resolution narrowly passed
Vote #folios, #shares, % of public holding (only)
For. 84 835,093 70.38%
Aga. 97. 351,531 29.62%
Including promotor holding
Vote #folios, #shares, % of total holding
For 96 11,370,933 97%
Aga. 97 351,531 3%
But now for the delisting to succeed TTK needs 90% of the total shareholding, which includes the promotors’ stake. If you go by the voting intentions, they should reach this comfortably provided the price is right. In addition, there were votes from 4 shareholders with 149,349 shares who did not submit documentation (board resolution/PoA) in time. This could go either way but isn’t really material.
84% of retailers voted for delisting. 58% of institutions did the same (but the 115385 shares who didnt provide documentation could change this number)
As per the price, I have no idea as to how much the business is worth. The Woodward’s gripe water brand must have some value in addition to cash.
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