Hindustan Powerplus to delist

Chennai: Consequent to the acquisition of a 91.99-per cent stake by promoter company Caterpillar Commercial SA, Belgium, diesel gensets manufacturer Hindustan Powerplus has decided to delist its shares from the Indian bourses.

The Rs 170-crore turnover company will be moving a special resolution to this effect at the ensuing annual general meeting.

"The board at its last meeting took this decision to have the enabling resolution to be passed at the shareholder meeting," says Hindustan Powerplus director R Ram Mohan.

Caterpillar Commercial had earlier given on open offer and increased its stakes from 37 per cent to the current level in the Rs 31.7-crore equity of Hindustan Powerplus.