Speciality gas maker BOC India said on Friday a proposal by its founder to delist its shares from Indian bourses failed as the number of shares tendered by shareholders were less than the minium number of shares required to complete the offer.
The total number of equity shares tendered in the process at the announced price was 3.77 million, which is less than the minimum number of equity shares required to be bought by the founder for a successful delisting offer, it said in a filing to the BSE.
The discovered price of the shares, determined through a reverse book building process was 600 rupees, it added.
BOC India's delisting offer was the first by any overseas firm after Indian government stipulated norms on June 4 to increase the public shareholding in any listed firm to a minimum of 25 percent, to be achieved in 5 years.
At 2:47pm, shares of BOC India were trading at 255 rupees, up 0.53% in a weak Mumbai market.