Companies scramble to meet SEBI norm

With the SEBI deadline for minimum public shareholding getting nearer, corporates are adopting different strategies to comply with the norm while some are considering delisting. One such company is Jolly Board. The promoters, who hold 89.89 per cent stake in the company, plan to delist from the company bourses. They have fixed the floor price at Rs 350 for the delisting, which begins on Monday. The stock closed at Rs 826.85. Nagarjuna Agrichem has fixed the record date as June 1 to issue bonus shares only to the public shareholders in the proportion of three new equity shares of for every 14 equity shares. The stock closed at Rs 4.4 on Friday. Similarly, Astrazeneca Pharma promoters plan to dilute their stake through offer for sale route, which is scheduled on Tuesday.