Nitin Castings Announces Voluntary Delisting Offer via Reverse Book Building Process

Nitin Castings Announces Voluntary Delisting Offer via Reverse Book Building Process​

Nitin Castings Limited (NCL) has initiated a voluntary delisting offer for its equity shares, inviting public shareholders to participate through a reverse book building process. The proposal is being conducted by Acquirer-1, Nirmal B Kedia; Acquirer-2, Nitin S Kedia; and Acquirer-3, Citrus Castings Private Limited (collectively the 'Acquirers').

The Delisting Offer aims to acquire specific equity shares from public shareholders, allowing the Acquirers and the Promoter Group to achieve complete ownership of NCL.

Key Details of the Delisting Offer​

NCL is currently listed on BSE with Scrip Code 508875. The offer details include:

• Offer Price: Rs. 273.36 (Rupees Two Hundred Seventy-Three and Thirty-Six Paise only) per Equity Share, serving as the Floor Price.
• Share Face Value: Rs. 5/- each.
• Total Offer Shares: 14,70,894 equity shares, representing 28.61% of the paid-up equity share capital.
• Bid Window: The Bid Period is scheduled from Wednesday, August 05, 2026 (Bid Opening Date) to Tuesday, August 11, 2026 (Bid Closing Date).

The offer process will be facilitated through a separate acquisition window provided by the Stock Exchange, as per the reverse book building mechanism.

Stakeholder Positions and Rationale​

As of the date of the Letter of Offer, the Acquirers collectively hold 10,15,396 equity shares, representing 19.75% of the total paid-up equity share capital of NCL. Including other members of the Promoter/Promoter Group, the collective holding stands at 36,70,436 equity shares, constituting 71.39%.

The rationale provided for the voluntary delisting is multifaceted:

• Full Ownership: The proposed delisting will enable the Acquirers and the Promoter Group to obtain full ownership of NCL, which is intended to enhance operational flexibility and support long-term business objectives.
• Liquidity and Exit: The offer provides an opportunity for public shareholders to exit the company at a price determined by the Delisting Regulations, thereby ensuring immediate liquidity.
• Compliance Reduction: Post-delisting, the equity shares will be delisted from BSE Limited, eliminating ongoing listing-related compliance obligations and associated costs.

Operational Details of the Offer Process​

The Acquirers have appointed Navigant Corporate Advisors Limited as the Manager to the Delisting Offer. MUFG Intime India Private Limited has been appointed as the Registrar to the Delisting Offer, and Allwin Securities Limited is designated as the Buyer Broker for the transaction.

A comprehensive schedule of activities marks the process, with key milestones including:


The Acquirers have secured in-principle approval for the delisting from BSE Limited. The Company's board also approved the Delisting Offer on February 20, 2026, following reviews of due diligence and audit reports.

The sale of equity shares will be finalized through a process that determines the Discovered Price based on the reverse book building mechanism. Following the Bid Period, the Acquirers reserve the option to accept or reject the Discovered Price, or to offer a Counter Offer Price if certain conditions are met.

Stock Price Movement​

Nitin Castings Ltd. shares settled on Monday at ₹523.85, registering a 4.90% decline for the day. The stock spent its trading session within an intraday range that moved between a low of ₹523.35 and a high of ₹565.00.