Matsushita Electric to buy additional 17.26-per cent in Panasonic AVC Networks

Mumbai: Japan ''s Matsushita Electric Industrial Co ltd will acquire an additional 17.26-equity stake in Panasonic AVC Networks India Ltd, the company said a filing with the Bombay Stock Exchange (BSE).

Matsushita Electric, which already holds 55 per cent in the Indian company, has proposed to acquire a further 17.26 per cent shares. Panasonic AVC Networks will place the proposal for shareholders'' approval at its annual general meeting on 29 August.

The board of directors of the company at its meeting took on record Matsushita Electric''s proposal to acquire the outstanding publicly held shares of the company and delist the company under SEBI (Delisting of Securities) Guidelines 2003.

An announcement of de-listing the shares from all stock exchanges will be made after the AGM.

In the event that delisting is not successful within the period provided by the stock exchanges, the promoters intend to sell their shares with a view to increasing the public shareholders for the company to comply with the minimum public shareholding level, the company said.

Shareholders may tender shares at any price at or above the ''floor price'' of 26 weeks average of the traded price up to the date of the public announcement, arrived at in terms of delisting guidelines, the company said.

Matsushita Electric has stated that it is contemplating to acquire the shares tendered at an indicative price of not more than Rs18 per share, subject to all regulatory and shareholders'' approval being obtained for the delisting process. This price is at a premium of about 37.1 per cent over the average of the high and low of the weekly closing prices of the equity shares of the company on the BSE during the 26 week period immediately preceding July 30, 2007.