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Suashish to Consider Going Private
May 9, 2013 4:30 AM
By Deena Taylor
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RAPAPORT... Suashish Diamonds will hold a board meeting on May 11 to consider delisting from the Bombay Stock Exchange (BSE).
In a letter to the BSE, the company noted that Suashish's chairman and managing director, Ashish Goenka, proposed taking the company private with an offer to acquire shares at an indicative price up to $4.24 (INR 230), subject to his rights under delisting regulations. If the voluntary delisting offer is not successful, the main shareholders will try to ensure compliance, which requires a minimum 25 percent public share holding in terms of the listing agreement.
The company reported that net sales fell 29 percent year on year to $53.2 million (INR 2.88 billion) for the third quarter that ended on December 31, 2012. Net profit grew to $5.7 million (INR 308.7 million) compared with a loss of $1.8 million (INR 98.5 million) one year ago. Suashish Diamonds is a De Beers sightholder.
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Tags:
Deena Taylor, Suashish Diamonds
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