The Hindu Business Line : AB Nuvo makes open offer for PSI Data to delist

Bangalore, Feb. 3 Aditya Birla Nuvo has made an open offer to the shareholders of PSI Data Systems to acquire the remaining 29.25 per cent stake in the company as part of its proposed delisting exercise.

Aditya Birla owns 70.75 per cent stake or 75,50,334 shares of Rs 10 each in PSI Data Systems, while the balance 22,08,414 shares are held by the public.

PSI Data shares are listed on the BSE.

The price payable for each share should not exceed Rs 60, while the floor price for the offer under book building process is set at Rs 45.29 a share.

Shares of PSI Data closed marginally down at Rs 58.50 on the BSE on Tuesday.

The bid will open on February 16 and close on February 20. The company will make a public announcement of exit price by February 25 and the final settlement latest by February 26.

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Aditya Birla Nuvo (Rs 451.10): Sell