Denso India which manufactures automobile components and spares for both two and four wheelers is getting delisted from the bourses on successful delisting offer. The company had tendered for 73,98,019 equity shares representing 26.54% of paid-up equity capital. The tender was made through Reverse Book building process from Sep17, 2013 to Sep 23, 2013.
In response the company was offered 54,51,604 shares at Discovered price of Rs.136. The company must had received offers for minimum of 46,10,055 shares to make the delisting process successful as per Regulation 17 of Delisting Regulation. As company received more offers the Delisting was successful. The company has fixed Exit price at Rs.145 per share to buy all the shares tendered. The company will be acquiring 19.55% of the paid-up capital through this offer and getting Delisted from the bourses.
The unsuccessful bidders and those who have not tendered the shares will be able to offer their equity shares to the company at the Exit price during a period of 12 months from the date of delisting of the shares on the bourses.
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