Description

Results of voluntary delisting offer by promoters of Chandi Steel Industries Limited under reverse book building process, with discovered price of Rs. 65 per share.

Summary

Chandi Steel Industries Limited (CSIL) has announced the outcome of the Reverse Book Building Process for voluntary delisting from The Calcutta Stock Exchange Limited (CSE). The delisting offer was made by promoters Mr. Rajiv Jajodia, Mr. Aditya Jajodia, Mr. Vedang Jajodia, and Mr. Varun Jajodia to acquire up to 99,27,438 equity shares (31.41% of paid-up capital) from public shareholders. The discovered price through the reverse book building process was Rs. 65 per equity share.

Key Points

  • Discovered price: Rs. 65 per equity share
  • Floor price: Rs. 62.19 per equity share
  • Indicative/Offer price: Rs. 65 per equity share
  • Total shares tendered: 88,33,852 equity shares through 28 successful bids
  • Delisting offer size: Up to 99,27,438 equity shares (31.41% of issued capital)
  • Face value: Rs. 10 per equity share
  • Bidding conducted on BSE Limited as Designated Stock Exchange
  • Company currently listed only on The Calcutta Stock Exchange Limited (CSE)
  • Scrip code: 10013341 on CSE

Regulatory Framework

  • Process conducted under SEBI (Delisting of Equity Shares) Regulations, 2021
  • Outcome disclosed as per Regulation 17(3) of Delisting Regulations
  • Success criteria evaluated under Regulation 21 of Delisting Regulations
  • Registrar to the Offer: Maheshwari Datamatics Private Limited
  • Manager to the Offer: VC Corporate Advisors Private Limited

Important Dates

  • Bidding period commenced: Tuesday, November 18, 2025
  • Bidding period closed: Monday, November 24, 2025
  • Outcome announcement: November 24, 2025

Process Details

Acquirers: Promoters/Promoter Group members - Mr. Rajiv Jajodia, Mr. Aditya Jajodia, Mr. Vedang Jajodia, and Mr. Varun Jajodia

Target: Public shareholders of Chandi Steel Industries Limited

Acquisition Window: Provided through BSE Limited as the Designated Stock Exchange

Successful Bids: 28 bids aggregating to 88,33,852 equity shares at the discovered price of Rs. 65

No Bids Above Discovered Price: No equity shares or bids were received above the discovered price

Impact Assessment

This voluntary delisting offer represents a significant corporate action where the promoter group seeks to take the company private by acquiring shares from public shareholders. The successful price discovery at Rs. 65 per share (above the floor price of Rs. 62.19) indicates positive shareholder response. The tendering of 88,33,852 shares (approximately 88.97% of the offer size) through 28 bids demonstrates substantial participation in the delisting process. Upon successful completion, Chandi Steel Industries Limited will be delisted from CSE, its only stock exchange listing, marking a transition from public to private company status.

Impact Justification

Significant corporate action involving voluntary delisting of a company from CSE with discovered price and substantial shareholder participation affecting 31.41% of equity.