Mather & Platt board to mull delisting proposal tomorrow
Pump manufacturer Mather & Platt today said it has received a proposal from its European promoter Wilo SE to delist its equity shares from the bourses at Rs 150 each.
Mather & Platt board of directors would meet tomorrow to consider the proposal, the company said in a filing to the Bombay Stock Exchange.
"Wilo SE, by itself or through persons acting in concert, intends to acquire the equity shares held by public shareholders of Mather & Platt and seeks to delist the equity shares from both the stock exchanges where it is presently listed -- Bombay Stock Exchange and Pune Stock Exchange," the filing said.
Wilo SE is a majority shareholder with 62.84 per cent stake in the company as of June quarter.
Shares of Mather & Platt Pumps today stagnated at its upper circuit limit of Rs 140.50 up 19.98 per cent on the BSE.
The price of Rs 150 per share represents a premium of around 25 per cent to the average of closing prices of Mather & Platt share in the 26 weeks preceding the date of the letter received from Wilo SE, the company added.
The delisting proposal is in the interest of shareholders of Mather & Platt and the company would provide them with an attractive exit opportunity.
Acquisition and delisiting will facilitate formulation of suitable business plans for various entities of Wilo SE around the world, including Mather & Platt, and integration of these entities into the Wilo group, Mather & Platt added.