Saint-Gobain Sekurit dips as delisting offer flops

The firm received 4.9 million shares, about a third needed to be submitted by shareholders to complete the delisting

Saint-Gobain Sekurit India has frozen lower circuit of 5% at Rs 45.95 second day in a row after the company failed to complete its voluntary delisting from the Bombay Stock Exchange (BSE).

“The delisting offer is deemed to have failed as the total number of equity shares tendered by the public shareholders in the delisting offer at or below the discovered price of Rs 90 per share is 4.9 million, which is less than the minimum number of equity shares required to be acquired by the company in order for the delisting offer to be successful,” the advisor JM Financials said on a behalf of automotive glass maker in a filing.

Accordingly, the company will not acquire any equity shares tendered by the public shareholders in the delisting offer and the equity shares of the company will continue to remain listed on the BSE, it added.

French building materials company Saint Sekurit Gobain S A France along with Saint Gobain Glass India owned 85.77% stake in the company at the end of March 2012, according to BSE data.

The stock has fallen 34% from its 52-week high of Rs 70 touched on June 7, 2012, after gaining more than 100% in calendar year 2012.

Around 1,772 shares have changed hands on the counter so far and there are pending sell order for 874,551 shares on the BSE.