Panasonic Appliances offers Rs 220 per share for delisting

NEW DELHI: Japanese major Panasonic will start its open offer worth nearly Rs 56 crore for buying the public shareholders of its unit - Panasonic Appliances India Co. Ltd, which is to be delisted from the bourses here.

Panasonic is looking to acquire little over 25 lakh publicly held shares of its subsidiary at a price of Rs 220 apiece, lower than today's closing of about Rs 293.

The week-long offer will open on February 16 and close on February 23.

"The acquirer is willing to accept Equity shares tendered in the delisting Offer at a price of Rs 220 per equity share even though it may not be reflective of the business fundamentals of the company (Panasonic Appliances)," according to a regulatory filing.

Once Panasonic's overall stake touches 90 per cent, the subsidiary can be delisted.

At present Panasonic Appliances is listed on the BSE and the Madras Stock Exchange. The company's scrip closed on the BSE today at 292.95, up 4.25 per cent.