Weighing automation solutions provider Avery India today said its UK-based promoters will make an offer for acquiring about 22 per cent stake in the company from the public shareholders.
AV Co 3 Ltd, the promoter group firm of Avery India, has made an offer to the shareholders of Essar Steel for acquiring the remaining 21.72 per cent stake, comprising over 21.35 lakh shares in the company, Avery India said in a filing to the Bombay Stock Exchange.
The promoters already have 78.28 per cent stake in the company, while they need a minimum of 90 per cent stake to delist it. As per the offer, shareholders would have to place their bids around the floor price, after which the company would decide on the exit price.
The company has fixed a floor price of Rs 75.65 a piece for buying the stake from public shareholders. The bidding process would open on June 26 and close on July 1.
Earlier this month, the shareholders of Avery India approved the delisting of the equity shares from the BSE and the Calcutta Stock Exchange.
The issued and paid-up equity share capital of Avery India stood at Rs 9.83 crore and the company said the delisting is meant to offer exit opportunity for shareholders.
Shares of Avery India were trading at Rs 127, up 2.88 per cent in the late afternoon trade on the BSE.
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