Nirma shareholders vote for delisting | business | Hindustan Times
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Nirma shareholders vote for delisting

Shareholders of detergent manufacturer Nirma today voted for delisting the company from the stock exchanges. As many as 99.8% of the valid votes were in favour of delisting, Nirma said in a regulatory filing.

business Updated: Nov 22, 2010 15:07 IST

Shareholders of detergent manufacturer Nirma on Monday voted for delisting the company from the stock exchanges.

As many as 99.8% of the valid votes were in favour of delisting, Nirma said in a regulatory filing.

A month earlier, the company had informed the leading stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange, of its intention to de-list from the bourses.

Nirma had said it no longer remained just a fast moving consumer goods firm but had entered into other sectors such as chemicals, pharmaceuticals and cement.

Also, it said it was mulling other ventures, which could be heavily capital intensive and have long gestation periods, and such decisions may not find favour among other non-promoter shareholders.

"Given the low trading liquidity in the stock, the delisting offer should provide investors with an opportunity to get an exit at a fair value," the company had said.

In afternoon trade, shares of Nirma at the BSE were ruling at Rs.227.80, up 0.18% from its previous close. It had touched an intra-day high of Rs.231.50.