Moneycontrol Bureau
Shares of Rhodia Specialty Chemicals India were locked at 10 percent upper circuit after promoter Solvay SA made a public announcement of the delisting proposal.
The stock closed at Rs 797.50 amid hefty volumes on the Bombay Stock Exchange, which gained more than 100 percent in last six months.
The acquirer - Belgium-based Solvay SA, which along with other promoter members hold 91.327 percent stake in Rhodia, has set an indicative price of Rs 675 per share at which the acquirer may be willing to accept the equity shares tendered in the delisting offer.
The above indicative price is 52.49 percent higher to the floor price.
The floor price for delisting offer, which will open on March 14, is set at Rs 442.64 per share. The last date for bidding for the offer is March 21.
However, the company said this indicative offer price should in no way be construed as 1) a ceiling or maximum price for the purposes of the reverse book building process, 2) a commitment to accept equity shares if the discovered price is less than indicative price; 3) an obligation on the acquirer to pay indicative offer price in the event the discovered price is lower than indicative price; or 4) any restriction on the ability of acquirer to acquire shares at a price higher or lower than the indicative price.
The acquirer intends to buy 2,92,774 shares or 8.673 percent stake held by public shareholders through this delisting offer.
ICICI Securities is the manager to the delisting offer and Link Intime India is the registrar.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
