Ad Power Ltd on Monday gave the final nod to its voluntarily delisting of equity shares at Rs 33.82 which is 10 per cent less than its previous closing of Rs 38 on Friday.
It informed exchanges that the delisting proposal of May 29 was approved in the board of directors meeting.
"Ad Properties Pvt Ltd (APPL) proposes to either by itself or together with other members of the promoter group as the case may voluntarily delist the equity shares of the company," it said.
It further said that based on the information available with the company and the report, it granted approval to the company to seek shareholders' approval for delisting proposal by way of a special resolution through postal ballot and e-voting.
In this regard, the draft of the postal ballot notice and the explanatory statement were also approved. The company was also authorised to issue and dispatch the postal ballot notice and the explanatory statement to the shareholders of the company.
Practicing Company Secretary Chirag Shah was appointed as the scrutiniser to conduct the process of the postal ballot in a fair and transparent manner.
( With inputs from ANI )