Bharat Hotels Begins Delisting Procedure

New Delhi, April 21: | Updated: Apr 22 2003, 05:30am hrs
Lalit Suri-promoted Bharat Hotels has initiated the process of delisting the company from bourses including The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) and plans to launch an exit option as promoters have already raised their equity stake in the company to over 95 per cent through open offers.

Bharat Hotels will announce an exit option to the remaining shareholders, which will be valid for one year from the date of delisting, a company official told FE.

The present equity- holdings of promoters, including persons acting in concert, in the company is 95.65 per cent including global depository receipts (GDR) as on March 6. The manager for the offer is PN Vijay Financial Services.

One of the promoting companies, Deeksha Holdings Ltd, on February 5, had made a second cash offer at a price of Rs 28 per fully paid up equity share (Rs 10 of face value each) to acquire 10,93,350 equity shares, representing 5.86 per cent of the paid up equity capital from the existing shareholders (other than promoters and their associates) of Bharat Hotels Ltd. The company, could not avail the first offer, which was opened on November 25, 2002 and closed on December 24, 2002.

After closure of the first offer, Deeksha Holding alongwith the persons acting in concert held 94.14 per cent of equity shares of Bharat Hotels.

The other promoters and their associates include, Lalit Suri, Ramesh Suri, Jyotsna Suri, Ritu Suri, Deeksha Suri, Keshav Suri, Jyotsna Holding Pvt Ltd, Premium Exports Ltd, Premium Holdings Ltd, Mercantile Capital & Financial Services Ltd, Raj Kumari Nanda, Tika Hanuwant Singh. They had neither offered their shares to the acquirer through this offer nor acquired any further holding in Bharat Hotels Ltd through this open offer, the official said.

Premium Holdings Ltd, a wholly-owned subsidiary of Deeksha Holding Ltd incorporated in Isle of Man, Channel Island (UK) is holding 82.69 per cent of total GDRs issued. The total foreign shareholding of the company including GDRs is about 16 per cent.