I don’t think Nirma will delist GLS. 2010 was a different period – valuations were low, regulations were different and promoters were not chasing market cap. Now the new generation has taken over and they would be more in tune with the current times. Regulations have changed, reverse book building is an expensive process. If Nirma had wanted to delist GLS, they would not have bought a listed company in the first place. Nirma listed their cement business with an IPO in 2021 (Nuvoco Vistas). My guess is, they will offload the excess stake and retain 75 %. Doing that in the current market will be easy since company fundamentals are strong.
(Disc: Tracking but no positions at the moment)
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