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Chennai:
Consequent to the acquisition of a 91.99-per cent stake
by promoter company Caterpillar Commercial SA, Belgium,
diesel gensets manufacturer Hindustan Powerplus has decided
to delist its shares from the Indian bourses.
The
Rs 170-crore turnover company will be moving a special
resolution to this effect at the ensuing annual general
meeting.
"The
board at its last meeting took this decision to have the
enabling resolution to be passed at the shareholder meeting,"
says Hindustan Powerplus director R Ram Mohan.
Caterpillar
Commercial had earlier given on open offer and increased
its stakes from 37 per cent to the current level in the
Rs 31.7-crore equity of Hindustan Powerplus.
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