In order to compulsorily buy out shares from the remaining small shareholders Jolly Board proposes to consolidate the Face Value of its share from Rs. 10 to Rs. 100 .
Small shareholders holding less than 10 shares of Rs. 10 each and those holding in not multiples of 10 would see such Non 10 multiple holdings get reduced to fractions .
Such fractions would be disposed off by the Promoters.
Although the Promoters have indicated a price of Rs.1300 per share , this is not fair value and the Share is Delisted.
Jolly Board holds very valuable Land Banks in Kanjurmarg , Mumbai
and the consolidation of Face Value seems to be a ploy by Promoters to Buy shares at a manipulated Low rate.
SEBI should enquire in the matter.
For a very interesting analysis on Delisting of Jolly Board , please scroll down the following Link :-
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