A Linde Group employee, screws a valve on a gas tank at the company’s factory in Unterschleissheim, Germany. (Photographer: Guido Krzikowski/Bloomberg News)

Linde India Delisting Fails As Promoters Reject Discovered Price

Shares of Linde India Ltd. dropped as much as 20 percent after its promoters rejected the delisting from the bourses after discovering the company was worth nearly thrice its market capitalisation.

BOC Group Ltd. and Linde Holdings Netherlands B.V., the promoters, said in an exchange filing yesterday that the discovery price came to nearly Rs 2,025 per share in the delisting process.

According to bid details available on the BSE's website, 96.43 lakh shares out of the 1.55 crore shares tendered in the reverse book building offer earlier this week were tendered at Rs 2,025 per share, leading to higher price discovery.

Linde AG, the German parent of Linde India, and Praxair Inc. won approval from the U.S. antitrust enforcers in October last year for their $46-billion merger, which could create the world’s largest supplier of industrial gases. The promoter group informed exchanges that Praxair, which is making the acquisition, will resume the open offer and make the required filings with Securities and Exchange Board of India.

Reliance Mutual Fund is one of Linde India’s largest shareholders, owning 9.85 percent, or around 84 lakh shares, as on Dec. 31, according to the shareholding data available on stock exchanges. The company’s public shareholding is 25 percent, or nearly 2.13 crore shares, of its total equity.