Automotive glass maker Saint Gobain Sekurit India Ltd said its promoters - Saint Gobain Glass India Ltd and French parent firm Saint-Gobain Securit SA France - have decided to delist the company from the Bombay Stock Exchange (BSE).
The Board of Directors approved a resolution to this effect at its meeting held today, Saint Gobain Sekurit India Ltd said in a filing with the BSE. The promoters have agreed to buy-back publicly held shares of the company, constituting 14.23 per cent of the outstanding equity capital, under the SEBI rules to effect delisting, it said.
The promoters plan to buy back shares at Rs 31 apiece, it said.
"The company received a letter dated May 18, 2011 from Saint-Gobain Glass India Limited (SGGIL) informing us of the decision of SGGIL and Saint-Gobain Sekurit SA France to seek voluntary delisting of the equity shares of the company presently traded on the BSE," it said.
The promoters have also advised an indicative offer price of not more than Rs 31 per equity share of the company, it said.
This indicative price is more than 25 per cent above the average of weekly high and low of closing prices for 26 weeks, it added.
The indicative offer price is without any prejudice to the rights of the promoter under the regulations, it said.
The public shareholders have the right to reject the price that is discovered under the reverse book building process if the same is greater than the floor price as determined under the regulations, it said.
The promoters have requested the Board of Directors to take all measures required under the regulations, it said.
The Board approved to seek the consent of the public shareholders of the company for the delisting by conducting a postal ballot in accordance with the provisions of section 192 A of the Companies Act, it said.
Shares of the company closed at Rs 40.70, up 3.69 per cent from the previous close on the BSE.
The Board of Directors approved a resolution to this effect at its meeting held today, Saint Gobain Sekurit India Ltd said in a filing with the BSE. The promoters have agreed to buy-back publicly held shares of the company, constituting 14.23 per cent of the outstanding equity capital, under the SEBI rules to effect delisting, it said.
The promoters plan to buy back shares at Rs 31 apiece, it said.
"The company received a letter dated May 18, 2011 from Saint-Gobain Glass India Limited (SGGIL) informing us of the decision of SGGIL and Saint-Gobain Sekurit SA France to seek voluntary delisting of the equity shares of the company presently traded on the BSE," it said.
The promoters have also advised an indicative offer price of not more than Rs 31 per equity share of the company, it said.
This indicative price is more than 25 per cent above the average of weekly high and low of closing prices for 26 weeks, it added.
The indicative offer price is without any prejudice to the rights of the promoter under the regulations, it said.
The public shareholders have the right to reject the price that is discovered under the reverse book building process if the same is greater than the floor price as determined under the regulations, it said.
The promoters have requested the Board of Directors to take all measures required under the regulations, it said.
The Board approved to seek the consent of the public shareholders of the company for the delisting by conducting a postal ballot in accordance with the provisions of section 192 A of the Companies Act, it said.
Shares of the company closed at Rs 40.70, up 3.69 per cent from the previous close on the BSE.
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