Jun 20, 2012, 12.36 PM IST
Saint Gobain Sekurit was locked at 5% lower circuit since early trade on Wednesday that crashed for the seventh consecutive session as the company could not execute its delisting offer.
Saint Gobain Sekurit was locked at 5% lower circuit since early trade on Wednesday, seventh consecutive session the stock has crashed, as the company could not execute its delisting offer.
In a release sent to BSE, company said, "The total number of equity shares tendered by the public shareholders in the delisting offer (of 1,29,66,764 equity shares) at or below the discovered price (Rs 90 per share) is 48,84,848, which is less than the minimum number of equity shares required to be acquired by the acquirer in order for the delisting offer to be successful in terms of Regulation 17 of the Delisting Regulations. The delisting offer is thus deemed to have failed in terms of Regulations 19(1) of the Delisting Regulations."
At 10:42 hours IST, the share was trading at Rs 45.95, down 4.96% with pending sell orders of 8,63,151 shares.
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