The Hindu Business Line : Avery exit price set at Rs 135/share

Chennai, July 3 Avery India on Friday said its UK-based promoters will buy back the remaining 21.72 per cent stake in the company from the public at Rs 135 a share.

The company plans to delist its shares from Indian market by buying the outstanding shares.

“The discovered price determined through the reverse book building process is Rs 135 per share,” Avery India said in a filing to the Bombay Stock Exchange.

Meanwhile, Deutsche Trustee Services India Pvt Ltd, for its DWS Moneyplus Advantage Fund, acquired 2.67 lakh shares at Rs 133.47 a share through a block deal on the BSE. However, the seller’s name was not available with the exchange.

The stock on the BSE closed at Rs 133.75, a gain of one per cent over the previous day’s close.

A special resolution had been passed by the shareholders of the company at the extraordinary general meeting on June 4, approving the delisting of the company’s shares from stock exchanges. Subsequent to which, ICICI Securities, on behalf of AV Co 3 Ltd, a promoter group firm of Avery India, made an open offer to acquire 21.72 per cent stake in Avery India.

While shareholders having physical certificates can tender their shares at the exit price from July 7 to 21, those holding shares in dematerialised will be able to offer their shares during a period of six months starting from the date of delisting of its shares from the stock exchanges, the company said in statement to the BSE. “Such date will be intimated to the public shareholders by the company,” it added.

The promoters have a 78.28 per cent stake in the company.