New Delhi, Sept 02: Dutch consumer electronics major Koninkliike Philips Electronics is expected to make another open offer worth $8.7 million to acquire the remaining about seven per cent public equity in its Indian operations and delist from the country's bourses. The company has received this permission from the Foreign Investment Promotion Board for the second time, after a similar permission to take its equity up to 100 per cent in 2001 expired.
When contacted, a company spokesperson told PTI the equity shares of Philips India Ltd (PIL) are listed on Mumbai and Kolkata stock exchanges. As the non-promoter shareholding in PIL has fallen below 10 per cent, the company applied for permission to delist from these two exchanges.
She said that while the Bombay Stock Exchange has given its permission for delisting, that of the Calcutta Stock Exchange is awaited.
The company will comply with the applicable conditions for delisting on receipt of the final approvals from the stock exchanges, the spokesperson added, but declined to give any specific time schedule for the proposed open offer, saying regulatory processes took time.
Bureau Report