Rhodia Specialty is locked in upper circuit of 10% at Rs 798 after Solvay SA, one of the promoter of the company increases the delisting offer price to Rs 675 per share.
The company has received a communication from Solvay SA, pursuant to letter dated February 19, 2014 informing that, after considering the prevailing market conditions, the indicative price at which the acquirer may be willing to accept the equity shares tendered in the delisting offer is Rs 675 per equity share, Rhodia Specialty said in a statement.
Earlier, the company had determined the floor price of Rs 442.64 per share.
The company said, this Indicative offer price should in no way be construed as a ceiling or maximum price for the purposes of the reverse book building process and the public shareholders are free to tender their equity Shares at any price irrespective of the indicative offer price.
The promoter proposed to acquire up to 292,774 equity shares representing 8.673% stake held by public shareholders in the company.
Solvay Participations France S.A.S currently holds 620,852 Equity Shares, representing 18.39% of the paid-tip equity share capital of the company, and along with Rhodia UK Limited, currently holds, 91.33% of the paid-up equity share capital of the company.
The company has received a communication from Solvay SA, pursuant to letter dated February 19, 2014 informing that, after considering the prevailing market conditions, the indicative price at which the acquirer may be willing to accept the equity shares tendered in the delisting offer is Rs 675 per equity share, Rhodia Specialty said in a statement.
Earlier, the company had determined the floor price of Rs 442.64 per share.
The company said, this Indicative offer price should in no way be construed as a ceiling or maximum price for the purposes of the reverse book building process and the public shareholders are free to tender their equity Shares at any price irrespective of the indicative offer price.
The promoter proposed to acquire up to 292,774 equity shares representing 8.673% stake held by public shareholders in the company.
Solvay Participations France S.A.S currently holds 620,852 Equity Shares, representing 18.39% of the paid-tip equity share capital of the company, and along with Rhodia UK Limited, currently holds, 91.33% of the paid-up equity share capital of the company.