Nitin Castings Limited has confirmed that its voluntary delisting offer from BSE Limited is successful, having met the regulatory requirement for promoter shareholding. The reverse book building process concluded on August 11, 2026, with a discovered exit price of ₹300 per equity share. This outcome allows the acquirers to proceed with the delisting, provided they accept the discovered price, as the post-offer promoter holding will exceed the mandatory 90% threshold of remaining public shares.

The offer period ran from August 05, 2026, to August 11, 2026. During this window, the company received 9 successful bids comprising 7,53,984 equity shares priced between the floor price of ₹273.36 and the discovered price of ₹300. Navigant Corporate Advisors Limited managed the process, while MUFG Intime India Private Limited served as the registrar. No bids were received above the discovered price; however, 1,54,994 equity shares across 172 bids placed above this level will not be considered for acceptance at the current price.

Delisting Offer Metrics

The success of the delisting hinges on Regulation 21 of the SEBI (Delisting of Equity Shares) Regulations, 2021, which mandates that the acquirer hold at least 90% of the remaining shares after excluding specific categories. Nitin Castings has 51,41,330 total issued equity shares. After excluding 76,150 shares held by the Investor Education and Protection Fund and 1,88,584 shares held by inactive shareholders, the remaining shares stand at 48,76,596. The minimum number of shares to be acquired is 43,88,937.

Shareholding Structure Impact

Prior to the delisting offer, promoters held 36,70,436 equity shares, constituting 71.39% of total issued equity and 75.27% of remaining shares. With the successful bidding of 7,53,984 shares, the post-delisting promoter shareholding is projected to rise to 44,24,420 equity shares. This represents 86.06% of total issued shares and 90.73% of remaining shares, thereby meeting the regulatory requirement for successful delisting.

What the Numbers Show

The concentration of bids at the upper end of the price range indicates strong interest from minority shareholders seeking an exit at the maximum offered valuation. With 9 successful bids accounting for over 7.5 lakh shares, the market response suggests that the floor price of ₹273.36 was sufficiently attractive to initiate participation, while the ceiling of ₹300 captured the bulk of serious tendering activity. If the acquirers accept the discovered price, payments will be made in accordance with Regulation 24 of the SEBI Delisting Regulations, and liens on unaccepted shares will be released under Regulation 23.

The Committee of Independent Directors (IDC) of Nitin Castings Limited has reviewed and recommended the voluntary delisting offer made by its promoter group, paving the way for public shareholders to exit at a floor price of ₹273.36 per equity share. The acquirers — Mr. Nirmal B. Kedia, Mr. Nitin S. Kedia, and M/s. Citrus Castings Private Limited — aim to acquire up to 14,70,894 shares, representing 28.61% of the paid-up capital held by public shareholders. This recommendation, finalized on August 1, 2026, ensures that the exit price will be determined through a reverse book-building process, offering public investors a fair valuation based on market discovery rather than a fixed price.

The IDC’s decision follows a comprehensive review of the Delisting Offer in accordance with Regulation 28 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. The committee, comprising Chintan Tarun Rambhia (Chairman), Preethi Anand, and Meghna Makda, unanimously approved the recommendation after assessing the fairness and reasonableness of the offer. Copies of the recommendation were furnished to BSE Limited and Navigant Corporate Advisors Limited, the Manager to the Delisting Offer, on August 3, 2026, alongside publications in newspapers including Financial Express, Jansatta, and Pratahkal.

Key Offer Details and Timeline

The delisting process will be executed via the Acquisition Window Facility on BSE. Public shareholders may tender their shares at or above the floor price of ₹273.36. The final exit price will be determined by the discovered price during the bid period, subject to acquirer acceptance or counter-offer mechanisms under SEBI regulations.

Financial Context and Valuation

The floor price of ₹273.36 was determined by independent registered valuer Mr. Bhavesh M. Rathod, reflecting the highest value among applicable parameters for infrequently traded shares. This valuation exceeds the adjusted book value of ₹210.03 per share. Nitin Castings reported a net profit after tax of ₹1,062.94 lakh for FY26, down from ₹1,241.21 lakh in FY25. Revenue from operations stood at ₹14,708.69 lakh in FY26, compared to ₹15,057.38 lakh in FY25. The company’s net worth increased to ₹9,173.03 lakh as of March 31, 2026.

Process for Shareholders

Public shareholders holding dematerialized shares must tender bids through their registered stock brokers during normal trading hours. Physical shareholders must submit original share certificates and transfer deeds to the Registrar to the Offer, MUFG Intime India Private Limited, before the bid closing date. Bids can be revised upwards or withdrawn until August 10, 2026; downward revisions are not permitted. If the discovered price is accepted, payment is proposed for August 13, 2026; if higher, payment is scheduled for August 20, 2026.