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Our Bureau

Mumbai, Sept. 24

Panasonic AVC Networks India Company Ltd has decided to delist its shares from the stock exchange. Investors can exit from this company either by tendering in the open offer which is open from September 24 to September 28 or by selling in the open market during the week.

The company is promoted by the Matsushita Electric Industrial Company of Japan, which holds 55 per cent of the equity and its Indian counterpart holds 27.74 per cent.

The company has made an offer for delisting, through a reverse book building at an indicative price of Rs 18 which is based on the SEBI formula is at a premium of 27.09 per cent compared to Rs 14.16, which is the floor price.

Sales for the year ended 2006 were at Rs 126.4 crore and profit at Rs 2.9 crore, whereas the sales for the year ended March 2007 were at Rs 129.7 crore and net profit at Rs 3.7 crore..

The current PE of the company based on March 2007 earnings is over 31.

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