Remi Sales at new high

Remi Sales & Engineering is in the limelight today morning. From its close of Rs.16.20 yesterday, it opened itself 5% higher at Rs.17 – a new high, with over 41k pending buy orders on the counter.

The stock is up on news that the company is considering delisting and has scheduled a Board meeting for the same on 26th Nov.

Additionally, the company considers a price of Rs. 21/share- the Indicative offer price, the price at which the promoter group will be willing to accept Equity Shares in the Delisting Proposal. This said, ultimately the price will be decided via the reverse book building process and then it’s the discretion of the promoters to accept/reject or make a counter offer for delisting.

The Indicative Offer Price represents a premium of 23% over the closing market price on BSE as on 20th Nov.

As on September 30, 2020, the Promoter and Promoter Group together held 49.42% stake.

The company sells motors, laboratory stirrers, and centrifuges manufactured by the REMI Group. The company also operates a wind mill and sells steel goods.