Description

Results of the reverse book building process for the voluntary delisting offer by promoters of Chandi Steel Industries Limited. The delisting offer discovered a price of Rs. 65 per share with 88,33,852 equity shares and 28 successful bids.

Summary

Chandi Steel Industries Limited (CSIL) announced the outcome of its reverse book building process for voluntary delisting under Regulation 17(3) of SEBI Delisting Regulations, 2021. The promoters - Mr. Rajiv Jajodia, Mr. Aditya Jajodia, Mr. Vedang Jajodia, and Mr. Varun Jajodia - made an offer to acquire up to 99,27,438 equity shares (31.41% of paid-up capital) from public shareholders. The bidding process concluded on November 24, 2025, with a discovered price of Rs. 65 per share and participation of 88,33,852 equity shares through 28 successful bids.

Key Points

  • Voluntary delisting offer by four promoters/promoter group members of Chandi Steel Industries Limited
  • Delisting offer size: up to 99,27,438 equity shares of Rs. 10 face value each (31.41% of issued capital)
  • Floor Price: Rs. 62.19 per equity share
  • Indicative/Offer Price: Rs. 65 per equity share
  • Discovered Price: Rs. 65 per equity share
  • Total participation: 88,33,852 equity shares through 28 successful bids
  • No bids received above the discovered price
  • Delisting from The Calcutta Stock Exchange Limited (CSE), the only exchange where shares are listed
  • BSE Limited served as Designated Stock Exchange for Acquisition Window Facility
  • Maheshwari Datamatics Private Limited appointed as Registrar to the Delisting Offer
  • VC Corporate Advisors Private Limited appointed as Manager to the Delisting Offer

Regulatory Changes

No regulatory changes announced. This circular reports the outcome of a delisting process conducted under existing SEBI (Delisting of Equity Shares) Regulations, 2021.

Compliance Requirements

  • Public shareholders who participated in the reverse book building process will have their shares acquired at the discovered price of Rs. 65 per share
  • The delisting process must comply with Regulation 21 of Delisting Regulations for determining success criteria
  • Shares in IEPF account, vanishing/struck-off companies, custodian holdings for depository receipts, ESOP trusts are excluded as per Regulation 21(a)
  • Further steps will depend on whether the delisting offer meets success criteria under the regulations

Important Dates

  • Bidding Period Start: Tuesday, November 18, 2025
  • Bidding Period End: Monday, November 24, 2025
  • Outcome Announcement: November 24, 2025

Impact Assessment

High Impact on Public Shareholders: This voluntary delisting will significantly impact public shareholders of Chandi Steel Industries Limited. With 88.96% of the offer size (88,33,852 out of 99,27,438 shares) participating in the reverse book building, there is substantial interest from shareholders to exit at Rs. 65 per share, representing a 4.52% premium over the floor price of Rs. 62.19.

Market Liquidity: Upon successful completion of delisting, the equity shares will cease trading on The Calcutta Stock Exchange, eliminating market liquidity for remaining shareholders who did not participate.

Promoter Control: The promoters will consolidate their shareholding by acquiring up to 31.41% additional equity from public shareholders, significantly increasing their control over the company.

Price Discovery: The discovered price of Rs. 65 per share, matching the indicative offer price with no bids above it, suggests shareholders found this price acceptable for their exit. The 28 successful bids indicate concentrated shareholding among public shareholders.

Impact Justification

Significant corporate action involving voluntary delisting of a company from stock exchange. High impact on public shareholders with discovered price of Rs. 65 per share and substantial participation of 88+ lakh shares.