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SEBI approves demutualisation of Cochin Stock Exchange
Kochi: The Securities and Exchange Board of India has approved the demutualisation scheme of the Cochin Stock Exchange Ltd.

The demutualisation scheme is prepared in accordance with the amendments made in the Securities Contract (Regulations) Act, which envisages separation of ownership and trading rights at the hands of the members. At present, the members of the exchange have dual rights - one as a shareholder of the exchange and the other in exercising trading rights.

According to the scheme, the Board of Directors of the exchange shall also be reconstituted with 75 per cent of the directors representing Government and SEBI nominees as well as public representatives.

The exchange has already initiated steps for implementing the demutualisation scheme.
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Flextronics fixes Rs.725 to delist shares
Mumbai: The MNC, Flextronics, has fixed Rs725 a share as the price to delist the securities of its Indian subsidiary Flextronics Software Systems from the stock exchanges.

This price was based on a reverse book-building process where most of the shareholders offered their shares at this price, the company said in a notice to stock exchanges.

Of the total issue size of 1.04 crore shares, with floor price of Rs579 per share, the issue received bids for 59.17 lakh shares - i.e. 56.78 per cent of the issue size.

The issue closed on Friday.

On Monday, the stock price of the company rose 2.44 per cent at Rs 702.20 on the BSE.
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