APW President Systems has locked in lower circuit of 20% at Rs 149 after the parent company Scheider Eletric South East Asia has received bids for less than 50% of its delisting offer size.
The maximum bids were received at more than Rs 195, whereas the floor price had been Rs 164.30 a share. The delisting carried out through the reverse book building process began on January 3 and concluded on Wednesday.
“At close, the offer had received bids for 720,621 crore shares against the 1.51 million shares offered. Though bid prices ranged from Rs 164 to Rs 1,642, the maximum bids of more than 500,000 were received at price Rs 250-Rs 500,” the BSE data shows.
“The company will announce the promoter’s acceptance/rejection of discovered price/exit price on January 18, 2013,” APW President Systems said in a filing.
Scheider Eletric South East Asia (HQ) holds 75% stake in the company as of September 2012.
The stock opened at Rs 149 and has seen around 12,000 shares changing hands on the counter so far. There are pending sell orders for 102,830 shares on the BSE.
