Panasonic Appliances India to get delisted from bourses

Japanese consumer electronics major Panasonic Corporation will soon delist its arm Panasonic Appliances India from the stock market here after acquiring shares worth over Rs 61 crore from its existing shareholders.
Panasonic's delisting offer has been "successful", according to a regulatory filing made by Panasonic Appliances.
The number of shares tendered is more than the threshold level required for the delisting offer to be successful, it added. The week-long offer opened on February 16 and closed on February 23.
Under the offer, the Japanese parent would acquire over 16.14 lakh shares at Rs 380 apiece from Panasonic Appliance's shareholders. The total price would be Rs 61.4 crore.

The final exit price of Rs 380 per scrip is way higher than Rs 220 apiece announced when the proposal for delisting shares of Panasonic Appliances India was announced in January.
"The acquirer (Panasonic) has fixed the exit price at Rs 380 per equity share and shall acquire all equity shares tendered by public shareholders through valid bids at or below the exit price.
"Thus, the acquirer will acquire 1,614,564 equity shares validly tendered in the delisting offer constituting 16.42 per cent of the paid up equity share capital of the company," the filing added.
At present Panasonic Appliances is listed on the BSE and the Madras Stock Exchange. The company scrip closed on the BSE today at 367.70, up 4.6 per cent.