Perfect Circle to delist from bourses

MUMBA: Perfect Circle India on Tuesday said it will delist its shares from Bombay Stock Exchange (BSE) and Delhi Stock Exchange (DSE) pursuant to its acquisition by Asia Investments.

Asia Investments has made a public announcement to the shareholders of Perfect Circle about the proposed acquisition and delisting of the latter's fully paid-up equity shares, the target company said in a communique to BSE.

Earlier, the shareholders and the board of directors had approved the proposal to delist its shares from the bourses as per SEBI guidelines, the company said.

Asia Investments would acquire all the outstanding equity shares of Perfect Circle, comprising 15.70 per cent of the paid-up equity share capital. It proposed to acquire the 52.35 lakh shares for Re 1 each and would seek to delist them from BSE and DSE.

The reverse book-building process has been determined as Rs 18.94 per fully paid-up equity share. The delisting offer would be from August 29 to September 12, Perfect Circle informed.

As on June 30, Asia Investments held 79.4 per cent stake in Perfect Circle.

On announcement of delisting, shares of Perfect Circle touched the upper limit at Rs 22.05 and the trading for the day was barred with a five per cent rise.