Floor price set at Rs 167.65 per share ; Indicative price is Rs 220 per share
Panasonic Appliances India Company announced that it has received a letter dated 28 January 2015 in relation to the delisting proposal, from Panasonic Corporation, Japan.The Panasonic Corporation, Japan, (Acquirer) the promoter of the Company has reiterated the following -
Floor price for the proposed delisting offer is Rs 167.65 per equity share.
The Acquirer has acquired shares from the Reddy Group on 17 October 2014 at Rs 157.50 per equity share.
The indicative price of Rs 220 per equity share, indicated by the Acquirer vide its letter dated 13 January 2015 is at a significant premium to the above mentioned floor price and the last acquisition made by the Acquirer.
The current spurt in share price of the Company after the public announcement (published on 19 January 2015) is in no way reflective of the business fundamentals of the Company and significantly above the above mentioned floor price and indicative price.
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