Goodyear India’s promoter is reportedly trying to delist its subsidiary yet again and is in advance stages of finalizing the deal. However, the parent company, Goodyear Orient Company will have to up its stake to 90% to delist the subsidiary. Further, the company has also appointed two bankers for finalizing the delisting plan. The promoter currently holds 74% stake in the company, while the remaining 26% holdings are with public shareholders.
Tyre-maker Goodyear India’s offer to delist in 2010 from the bourse failed due to a poor response from shareholders. It had fixed Rs 340 per share as the discovered price, which was the price at which the maximum number of offer shares were tendered by public shareholders. The bid started on May 28, 2010 and closed on June 3, 2010.
Goodyear India is engaged in the manufacturing and marketing automotive tyres, tubes and flaps. Automotive tyres include farm, truck and passenger tyres. Other products of the company include tubes/flaps, rubber products and two and three-wheeler tyres.
