The Hindu Business Line : Perfect Circle promoters buy out stake in Dana Corp

Mumbai May 24 The promoters of Perfect Circle India have bought out the stake of the company's foreign collaborator, Dana Corporation USA (Dana), and have also announced their intention to buyout the residual public stake and delist its shares.

In a notice to the Bombay Stock Exchange, the company said that Asia Investment Pvt Ltd (AIPL), the promoter and principal shareholder of the company, has exercised the right under the right of first refusal provision in the investment agreement between AIPL andDana.

This followed a notice received by AIPL from Dana, which has been holding 34.92 per cent shares in the company, proposing the sale of such shares.

The notice further said that upon the completion of the purchase of the above stake, AIPL, together with associated companies, directors and relatives, will hold shares in the company in excess of 75 per cent and therefore the minimum public shareholding required for listing of the company shares will cease.

It is the intention of AIPL to get the company de-listed in accordance with the applicable laws, regulations and guidelines, the company further said in its notice.

The US auto-parts maker Dana Corporation had filed for bankruptcy protection for its US operations last year.

More Stories on : Mergers & Acquisitions | Automobile Components

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