APW President shares tank on poor response for delisting bid

MUMBAI: Shares of APW President Systems slumped 20 per cent in trade today on concerns that the company may not be able to de-list its shares from the stock exchanges due to poor response from investors.

According to reports, the company couldn’t get prescribed numbers of shares required to successfully de-list the stock.

The promoters of APW President Systems had come out with delisting offer to acquire up to 1,512,006 equity shares representing 25 per cent of the equity capital of the company from the public shareholders to comply with SEBI guidelines on minimum shareholding pattern.

According to reports, the maximum delisting bids received were at more than Rs 195 a piece. The floor price for delistng was fixed at Rs 163.40 per share.
The offer had received bids for 7,20,621 crore shares. The maximum bids of more than 500,000 were received at price Rs 250-Rs 500, the BSE data shows. The bid closed yesterday.

APW designs and manufactures standard and customised racks and enclosures, particularly for IT and telecom firms.

The stock was at Rs 148.90, down 20 per cent, on the BSE. Around 15,000 shares were traded in the counter against 2-week average of 45,000 shares.