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iGate delisting offer was approved by the shareholders of iGate global solutions today. The floor price for the iGate delisting offer was fixed at Rs 288.90 per share which is the 6 months average closing price of iGate Global Solutions. The reverse book building process will open on 26 November 2007 and close on 29 November 2007. The actual iGate global solutions delisting offer price will be the higher of the floor price and the price decided through reverse book building. iGate is a subsidiary of iGate Corp, a Nasdaq-listed company and the parent company wants to delist its Indian subsidiary and hence the delisting process is being carried out in accordance with the SEBI delisting guidelines. iGate Global Solutions will be delisted from National Stock Exchange (NSE), Bombay Stock Exchange (BSE),  and Bangalore Stock Exchange (BgSE). If the delisting price which is discovered through the reverse book building process is found to be unacceptable by the promoters of iGate, then the delisting proposal can be cancelled and the offer rejected.

iGate Global Solutions today said that the parent company intends to buyback the shares of iGate Global Solutions and delist it from the Indian stock exchanges this december. The delisting of iGate Global Solutions is subject to the approval of the iGS shareholders and regulatory approval from SEBI. The delisting Offer Price will be decided through a reverse book building process. If iGate Global Solutions feels that the delisting Offer Price discovered through the reverse book building process is too high then it has the option to not accept the offer and cancel the delisting process. The floor price for the iGate Global Solutions reverse book building process will be taken as the 26 week average share price of iGate Global Solutions. The shares of iGate Global Solutions were up over 10% today on hopes that the delisting offer price discovered through the reverse book building process will be at a huge premium to the current market price of iGate Global Solutions.

Essar Steel Holdings Limited has fixed the delisting price of Essar Steel Limited. The Essar Steel delisting price which was determined by the reverse book building process where shareholders bid on the delsiting price is Rs. 48 per share of face value Rs 10 each. This announcement was made by Edelweiss Capital Limited which is the Manager to the Delisting Offer. The minority shareholders of Essar Steel Limited have two options. They can choose to surrender their shares to Essar Steel Holdings Limited for Rs. 48 per share or they can choose to hold on to the shares of Essar Steel Limited, which will be delisted and hence not traded on the stock exchanges. The risk with choosing the latter option is the lack of liquidity after delisting. Shareholders might not be able to sell the shares of Essar Steel Limited at all and may be struck with them for eternity. However, these shareholders will continue to enjoy all shareholder rights such as voting rights and right to receive dividend along with other benefits arising from various corporate actions of Essar Steel Limited.

Yokogawa India Limited has announced that it would voluntarily delist from the Indian Stock Exchanges, pursuant to the SEBI (Delisting of Securities) Guidelines, 2003. The delisting would come into effect at the closing bell of trading on April 30, 2007