Avery India bucked the trend and gained 20 per cent in a falling market from during the current week, after the promoters made delisting offer to its public shareholders. The company is planning to delist its shares from the bourses. The stock rose from Rs 106.30 to Rs 127.15 in the week.
AV Co 3 Ltd, the company’s UK-based promoter, made an offer for acquiring around 22 per cent stake from public shareholders at a floor price of Rs 75.65 a share. The bidding process would open on June 26 and close on July 1.
Earlier in January, the company had successfully acquired a 20 per cent stake from the public shareholders through an open offer at Rs 81 a share. The company had revised the open-offer price from Rs 62.50 which was proposed in the offer document.
The promoters already have 78.28 per cent stake in the company, while they need a minimum of 90 per cent stake for delisting. As per the offer, shareholders would have to place their bids around the floor price, after which the company would decide on the exit price.