Acquirers Launch Reverse Book Building Offer for Nitin Castings Ltd's Voluntary Delisting from BSE

Acquirers Launch Reverse Book Building Offer for Nitin Castings Ltd's Voluntary Delisting from BSE​

The promoters of Nitin Castings Limited (NCL) have initiated a voluntary delisting offer for the company's equity shares, inviting public shareholders to tender their stakes through a reverse book building process. The offer is set by Acquirer-1, Mr. Nirmal B Kedia; Acquirer-2, Mr. Nitin S Kedia; and M/s. Citrus Castings Private Limited (Acquirer-3), who collectively represent the Promoters’ Group of NCL.

The delisting process aims to achieve complete ownership for the Acquirers while providing public shareholders an opportunity to exit at a predetermined price determined by regulatory standards, thereby eliminating ongoing listing obligations and associated costs for the company.

Offer Details and Timeline​

The Delisting Offer is being conducted through the Stock Exchange Mechanism (Stock Exchange Mechanism). The offer specifies a Floor Price of ₹273.36 per equity share.

Key details of the tender offer are as follows:


The process was initiated following an Initial Public Announcement (IPA) on January 30, 2026. The company received in-principle approval for delisting from BSE Limited on July 23, 2026.

Stakeholding and Corporate Overview​

NCL is engaged in the manufacturing, dealing, and trading of various steel products, including billets, rods, ingots, and sheets. The company's equity shares are currently listed only on the BSE limited, with a face value of ₹5/- each.

The Acquirers collectively hold 10,15,396 equity shares, representing 19.75% of the paid-up equity share capital of NCL. The entire Promoter/Promoter Group holds 36,70,436 equity shares, constituting 71.39% of the issued and subscribed equity share capital.

The financial performance of Nitin Castings Limited over the last three fiscal years indicates stability in operations:

Offer Price and Success Conditions​

The Floor Price of ₹273.36 was determined by an independent registered valuer, based on valuation parameters for shares that are infrequently traded on the stock exchange.

The Delisting Offer is subject to specific conditions for success:

• Minimum Acceptance Condition: The offer requires a minimum number of Offer Shares to be tendered at or below the Exit Price such that the cumulative shareholding of the Acquirers and the Promoter Group reaches 90% of the Equity Share Capital.
• Exit Price Determination: The final Exit Price will be determined as either the Discovered Price (if accepted by the Acquirers), a price higher than the Discovered Price offered at the sole discretion of the Acquirers, or a Counter Offer Price that results in 90% cumulative shareholding for the Promoter Group.

Prospective Post-Delisting Structure​

Should the Delisting Offer be successful, the likely post-delisting shareholding pattern is expected to concentrate all equity shares within the Promoter/Promoter Group of NCL.

Tender Process and Governance​

The Delisting Offer is managed by Navigant Corporate Advisors Limited. The process utilizes the Acquisition Window Facility provided by BSE Limited.

For public shareholders who do not tender their shares through the Stock Exchange Mechanism, a separate Exit Window offering will be available for one year following the delisting date, allowing Residual Public Shareholders to sell their stakes to the Acquirers at the set Exit Price.

Stock Price Movement​

As of 10:41, shares of Nitin Castings Ltd are edging higher, currently trading at ₹550.00 after rising by 4.99%. The stock has moved within a wide intraday range, experiencing lows as low as ₹497.70 and peaking at ₹550.00.