SI Group proposes share buy-out at Indian subsidiary

16 January 2009 16:24  [Source: ICIS news]

NEW DELHI (ICIS news)--SI Group (SIG) has proposed to buy out minority shareholders from its Indian subsidiary SI Group India Ltd (SIGIL) and later delist it from stock exchanges, SIGIL said on Friday.

SIGIL’s board of directors was considering SIG’s proposal, the company said.

SIGIL had also proposed to voluntarily delist SIGIL from the BSE, Mumbai and National stock exchanges.

A foreign promoter-controlled company is required to delist its shares when the public shareholding falls below 10%.

SIG currently holds an 83.21% stake in the Indian subsidiary. The remaining shares are held by institutional, corporate and retail investors.

The company manufactures commodity chemicals such as phenol and several specialty chemicals.

It has plants at three sites in Maharashtra state.

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By: Naresh Minocha
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