Weighing automation solutions provider Avery India today said its UK-based promoters will buy back its remaining 22 per cent stake in the company from the public at Rs 135 a piece, a move that would help to delist the company from the stock exchanges.
"The discovered price determined through the reverse book building process is Rs 135 per share," Avery India said in a filing to the Bombay Stock Exchange.
Last month, AV Co 3 Ltd, a promoter group firm of Avery India, made an offer to the shareholders of the company for acquiring the remaining 21.72 per cent stake comprising over 21.35 lakh shares in the automation solutions provider.
Calculated on the basis of the price at which the shareholders of the company would tender their shares, the promoter would have to shell out Rs 28.82 crore.
The promoters already have 78.28 per cent stake in the company, while they need a minimum of 90 per cent stake to delist it.
The discovered price has been decided through the reverse book building process, which closed on July 1, it said.
Last month, the shareholders of Avery India gave their nod for delisting the scrip from the BSE and the Calcutta Stock Exchange (CSE).
The issued and paid-up equity share capital of Avery India stands at Rs 9.83 crore and the company said the delisting is meant to offer exit opportunity for shareholders.
