Shares of Scooters India Ltd were locked at 5% upper circuit on 22 December after the company announced its delisting offer for the shareholders on the exchange before the company shuts down permanently.

In its regulatory filing, the company said that the delisting offer will be available from 26 December 2023 to 8 April 2024. The last date for verifying and accepting shares by the company will be 18 April 2024.

The promoters of the company hold a 93.87% stake in the company, while the public holds a 6.13% stake.

The exit price of the delisting has been set at Rs 31.78 per share for fully paid-up equity shares from the company’s public shareholders.

In 2021, the government of India approved the closure of Scooters India after the company suffered significant losses for the last two decades.

The company has 140 acres of land, of which the government of Uttar Pradesh proposed a plan to set up an EV park on 70 acres, whereas Ashok Leyland will set up an e-bus manufacturing facility on the remaining 70 acres.

At 3:30 pm, the shares of Scooters India closed 5.00% higher at Rs 64.93 on NSE.