RP-Sanjiv Goenka flagship CESC to delist from London SE
28 July 2013 4:22 AM IST
RP-Sanjiv Goenka group flagship firm CESC on Friday secured shareholders' approval for delisting securities from the London Stock Exchange to cut costs. Stating that he could not recall when the company was listed on the LSE long ago, CESC chairman Sanjiv Goenka said that only one per cent of the total issued equity shares of CESC were currently listed.
'But as the market of the company's shares in UK has practically frozen and the dealings in shares in recent years have been very low, the company decided to delist to save costs,' he said.
Out of the about 40,000 shareholders, those in the UK were only around 200. The company secured shareholders' approval for delisting from LSE at the AGM.
The company's shares were also listed on the CSE, BSE and NSE and the existing GDRs listed on EuroMTF of the Luxembourg Stock Exchange. Meanwhile,CESC also reported 4.8 per cent rise in the net profit at Rs 131 crore for the quarter ended June 2013 against corresponding period last year.
The net sales of the company in the quarter stood at Rs 1,419 crore, a marginal 1 per cent growth over the corresponding period when it had registered a sales of Rs 1,404 crore. CESC chairman Sanjiv Goenka said power demand during the quarter was down marginally.
Addressing the AGM, Goenka told shareholders that power sector will pass through difficult times over next few years. ‘There is need for consistency and stability in policies.’The change of policies should not be retrospective,’ he said referring to problem faced by Rs 3000-crore 600 MW (2x300MW) Chandrapur thermal power project in Maharashtra.
'But as the market of the company's shares in UK has practically frozen and the dealings in shares in recent years have been very low, the company decided to delist to save costs,' he said.
Out of the about 40,000 shareholders, those in the UK were only around 200. The company secured shareholders' approval for delisting from LSE at the AGM.
The company's shares were also listed on the CSE, BSE and NSE and the existing GDRs listed on EuroMTF of the Luxembourg Stock Exchange. Meanwhile,CESC also reported 4.8 per cent rise in the net profit at Rs 131 crore for the quarter ended June 2013 against corresponding period last year.
The net sales of the company in the quarter stood at Rs 1,419 crore, a marginal 1 per cent growth over the corresponding period when it had registered a sales of Rs 1,404 crore. CESC chairman Sanjiv Goenka said power demand during the quarter was down marginally.
Addressing the AGM, Goenka told shareholders that power sector will pass through difficult times over next few years. ‘There is need for consistency and stability in policies.’The change of policies should not be retrospective,’ he said referring to problem faced by Rs 3000-crore 600 MW (2x300MW) Chandrapur thermal power project in Maharashtra.
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