Small shareholders rap Schneider exit offer

Shareholders with combined holding of over 10% say offer price does not accurately reflect value

Several minority shareholders are unhappy with the exit offer provided by French energy major Schneider Electric, parent of Schneider Electric President Systems (SEPSL), alleging the company has deliberately undervalued the local business.

Last month, the company announced an offer of Rs 200.4 a share; the offer closes Friday. "We will not tender our shares in the offer. We will wait for the full value to be realised," said Pawan Kumar Saraf, a Delhi-based shareholder. "Price discovery should be done in a fair way."

Saraf says the process mandated by the Securities and Exchange Board of India (Sebi) does not foresee all scenarios