Priti Devi Sethi made an offer to acquire additional 25% stake in International Constructions Limited International Constructions Limited (NSEI:SUBCAPCITY) (NSEI:SUBCAPCITY) for INR 15 million on July 28, 2022. As of August 10, 2022, has determined the fair value of the equity shares of the Company as INR 13.26 per share, considering the Floor Price Priti Devi offered INR 16.5 per share. Prior to transaction, Priti Devi Sethi currently hold 35.6% stake in International Constructions Limited and Acquirer along with Other PAC hold 75% stake in ICL. The transaction is subject to approval by board of directors and shareholders of International Constructions Limited, approval regulatory authorities delisting of stock and due diligence investigations. Acquirer along with other PAC's can delist the ICL if in case he got more than 90% stake after completion of the offer. As of November 1, 2022, Committee of independent directors has recommended the shareholders to accept the offer. The offer will be commenced from November 3, 2022, and will close on November 11, 2022. Manick Wadhwa of Ski Capital Services Ltd acted as financial advisor and Skyline Financial Services Private Limited acted as registrar to ICL and Priti Devi Sethi.
Priti Devi Sethi completed the acquisition of additional 25% minority stake in International Constructions Limited (NSEI:SUBCAPCITY) on November 11, 2022. The Acquire along with PAc's applied on NSE for delisting of shares on November 23, 2022. On December 22, 2022, this is in reference to the voluntary delisting of equity shares of International Construction Limited from National Stock Exchange of India Limited, The stock exchange have issued final approvals in compliance with regulation 26 of the Delisting Regulations, 2021 (Delisting Regulations). The NSE issued circular that the shares will be suspended from trading w.e. f January 5, 2023.