The delisting proposal of Saint-Gobain Sekurit India has failed, as the company could not mop up enough shares according to Delisting Regulations.
In its regulatory filing to the stock exchange on Monday, Saint Gobain Glass India Ltd said the total number of equity shares tendered at or below the discovered quantity was 49 lakh shares, which is less than the minimum number of equity shares required in terms of the delisting regulation.
Hence the company will not acquire any equity share tendered by the public shareholders in the offer and the company will continue to remain listed on the BSE.
The equity shares tendered will be returned to the respective shareholders, it further said.
Saint Gobain Glass came out with an announcement seeking to acquire 130 lakh shares representing the balance 14.23 per cent of the paid-up equity capital of the company, through the reverse book-building process. The discovered price (being the price at which maximum number of shares been tendered by shareholders) was Rs 90 a share.