Nitin Castings delisting 2026: Rs 273.36 floor price

Detailed Public Announcement sets the process in motion

Nitin Castings Limited, a steel products manufacturer listed on BSE, has issued a Detailed Public Announcement (DPA) dated July 27, 2026 for the voluntary delisting of its equity shares from BSE Limited. The offer is being made under a reverse book building (RBB) process, which is the standard mechanism for price discovery in voluntary delistings. The DPA has been issued by Navigant Corporate Advisors Limited, the Manager to the Delisting Offer. The move is significant because BSE is currently the only stock exchange where the company’s equity shares are listed, and a successful delisting would end public trading.

The delisting proposal has been initiated by three acquirers who are part of the Promoters/Promoter Group of the company: Mr. Nirmal B. Kedia (Acquirer-1), Mr. Nitin S. Kedia (Acquirer-2), and M/s Citrus Castings Private Limited (Acquirer-3). The stated objective is to acquire the entire public shareholding through the RBB window during the bid period. Public shareholders are being offered a structured exit route as part of the process laid out in the DPA and applicable SEBI delisting regulations.

Offer size and public shareholding targeted

The acquirers are seeking to acquire up to 14,70,894 equity shares of face value Rs. 5 each from public shareholders. This represents 28.61% of the company’s total paid-up equity share capital. The DPA states that, if the delisting is successful, the equity shares will be delisted from BSE.

In terms of current holdings disclosed in the announcement, the acquirers together hold 10,15,396 shares (19.75%). Separately, the total Promoter/Promoter Group holds 36,70,436 shares (71.39%). The delisting offer is aimed at the remaining public float, which is the 28.61% held by public shareholders.

Floor price and what it represents

The floor price for the delisting offer has been stated as Rs. 273.36 per equity share. In an RBB process, the final exit price is discovered through bids submitted by shareholders during the bid window, but the floor price serves as the minimum reference level set as per applicable regulations.

The announcement also provides a calculation for the offer size at the floor price: Rs. 273.36 per equity share multiplied by 14,70,894 offer shares amounts to Rs. 40,20,83,583.84. This figure helps investors understand the implied outlay for acquiring the full public shareholding at the floor price, though the discovered price can be higher depending on bids.

Bid dates and the reverse book building window

The bid period is scheduled to open on Wednesday, August 5, 2026 and close on Tuesday, August 11, 2026. The delisting offer will be conducted through a reverse book building process via the Acquisition Window Facility on BSE. This is the period during which public shareholders can tender shares and quote prices as per the RBB framework.

Because the discovered price is set through the bidding process, shareholder participation during the defined window is central to how the final exit price is determined. The DPA positions the floor price as the reference point, while the RBB mechanism will decide the eventual discovered price level.

Escrow deposit disclosed in the DPA

The DPA discloses an escrow amount deposited of Rs. 40,20,83,896. The escrow is a standard safeguard in delisting offers and is meant to support payment obligations, subject to the final price and outcome of the process.

While the escrow amount is close to the floor-price multiplication value stated in the announcement (Rs. 40,20,83,583.84), the filing explicitly reports the escrow deposit as Rs. 40,20,83,896. Investors typically track such disclosures for clarity on funding arrangements supporting the offer.

Shareholder approval and voting outcome

Shareholder approval for the delisting was obtained through a special resolution conducted by postal ballot. The announcement notes that results were declared on March 30, 2026, following the voting process. It also states that shareholder approval was obtained on March 29, 2026.

Importantly, the DPA provides the public shareholder voting split: votes cast by public shareholders in favour of the delisting offer were 8,89,474, while votes cast against were 1,720. The filing states that the votes in favour were more than two times the votes cast against, meeting the condition referenced in the disclosure.

Regulatory milestones: IPA and BSE in-principle approval

The Initial Public Announcement (IPA) for the delisting was originally issued on January 30, 2026. This marked the start of the formal delisting communication process, before the DPA.

The company has also received BSE’s in-principle approval for the delisting. The DPA cites the in-principle approval reference as LOD/Delisting/VK/IP/545/2026-27 dated July 23, 2026. This step is a key procedural milestone before the bid window opens.

What happens to shareholders who do not tender

The DPA notes that after a successful delisting, residual public shareholders who did not tender their shares during the bidding process will have the right to offer their shares to the acquirers at the Exit Price. This right remains available for a period of 1 year from the date of delisting.

This provision is relevant for investors who miss the bid window or choose not to tender during RBB but later decide to exit, subject to the terms stated in the offer documents and the definition of “Exit Price” determined through the RBB process.

Key facts at a glance

Market impact and what investors should track

The announcement itself does not provide financial performance metrics, earnings, margins, or forward outlook. As a result, investor focus is likely to remain on process execution - including participation levels during the August 5-11 bid window and the discovered price outcome from the reverse book building mechanism.

Separately, market-data snapshots circulated alongside the broader context listed figures such as market cap of Rs. 301 crore, a current price of Rs. 586, and a 52-week high/low of Rs. 799 / Rs. 470. These figures are not presented as part of the delisting filing, but they provide context on where the stock has been quoted around the period of public discussion.

Conclusion

Nitin Castings’ July 27, 2026 DPA sets out a defined timetable for a voluntary delisting from BSE, with a floor price of Rs. 273.36 and bidding scheduled from August 5 to August 11, 2026. The company has disclosed shareholder approval via postal ballot and BSE’s in-principle approval dated July 23, 2026. The next key event for shareholders is the reverse book building window, which will determine the final discovered exit price and whether the delisting proceeds to completion.