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Kolkata, Aug. 21 Enam Securities, manager to the open offer for 21.56 per cent residual minority shareholding in Avery India, following an overseas change of promoters in the company, has declared that the collective response was short of the target.

Enam, on behalf of A V Acquisition Co.3, an affiliate of the buy-out firm European Capital SA, which took over Avery’s UK parent, Avery Weigh-Tronix Holdings, has informed BSE today that some 4.85 per cent of the voting rights (4,76,394 shares) could be acquired only. This implied that the plan has fallen through. The targeted and eventual delisting proposal has also failed in the process, at least for the time being.

The acquirer had revised the price upwards from Rs 55 per share to Rs 80 per share. However, the resistance form the small shareholders to the revised price saw a less than enough response.

LIC, United India Insurance and CD Finvest, three major among the non-promoter holders, reportedly have not responded to the offer.

The stock today closed at Rs 65.60, down 2.5 per cent. Interestingly, the stock had reached its year high at Rs 82 on May 17.

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