APW President Systems was trading flat with low volumes on Thursday despite the delisting offer that opened today.
The stock was trading at Rs 213.85, down 0.47 per cent on the BSE around 10.45 a.m with just a little over 700 shares changed hands. The floor price for delistng was fixed at Rs 163.40. According to exchange data, so far no one has tendered their shares.
Schneider Electric India, the subsidiary of French energy major Schneider Electric Industries SAS, which acquired a majority stake in Mumbai-based APW President Systems Ltd last January, came out with an additional offer to delist the company from the exchanges.
The promoter plans to acquire, up to 15.12 lakh shares, representing 25 per cent of the equity capital of the company, from the public shareholders.
APW designs and manufactures standard and customised racks and enclosures, particularly for IT and telecom firms.
The company, which has manufacturing facilities in Pune and Bangalore, clocked revenues of Rs 108 crore for the 12-month period ended September 2010.
Consequent to the delisting offer and upon the shareholding of the promoter reaching a minimum of 90 per cent of the equity capital, the company will seek to voluntarily delist its equity shares from the Pune and Bangalore stock exchanges and withdraw the permitted to trade status of the equity shares from the BSE.
The company board on November 28 had approved the delisting proposal.
The bid, which opened on Thursday (January 3, 2013), will close on January 9.
The discovered price/exit price and promoter’s acceptance/rejection of discovered price/exit price will be announced on January 18, while the last date for payment of consideration in case of a successful delisting offer is January 23.
Shares would be returned to shareholders by January 23, if the offer fails.
At the end of September 2012, about 1,460 individual investors control 12.92 per cent stake in the company; bodies corporates have an exposure of 8.30 per cent while eleven NRIs/OCBs have 2.86 per cent stake in the company.