Panasonic Appliances to delist shares from stock exchange

Indian promoters sells entire share to the Japanese partner

Panasonic Appliances India Company Ltd, a joint Venture between Japan-based Panasonic Corporation and Indian promoter P Obul Reddy Group, has decided to delist its equity shares from the stock exchanges. The Indian promoters has sold their entire equity shares of 16.94 per cent off market as intra promoter consolidation of shareholding to Panasonic Corporation for Rs 26.22 crore.

According to an announcement by Panasonic Appliances India, the Board of Directors of the company has approved the proposal received from the promoters, Panasonic Corporation, on the intention to delist the equity shares of the company from stock exchanges in accordance with the Sebi (Delisting of Equity Shares) Regulations, 2009.

As per the exchange data available, Preetha Investments Pvt Ltd has sold around 8.30 per cent share of the company fo rRs 12.88 crore, while P Vijayakumar Reddy sold around 8.49 per cent shares in the company for Rs 13.14 crore, while PPN Holdings sold its 0.15 per cent share holding for Rs 23 lakh.

Consequent to the sale of shares held by the Indian Promoter, P Obul Reddy Group to Panasonic Corporation, Harshad Reddy, representative of the Indian promoter on the Board has also resigned from the directorship of the company.

According to the data available with the Bombay Stock Exchange, Panasonic Corporation has been holding 57.28 per cent of the total shares while 16.95 per cent shares were with the Indian promoters. With the acquisition of the shares of the Indian promoter, Panasonic Corporation will have 74.22 per cent shares in the company.

It has also decided to convene a meeting of the Board of Directors on October 28, 2014 to consider seeking approval of shareholders through Postal Ballot for the voluntary delisting of equity shares proposed by Panasonic Corporation, added the announcement.