Royal Philips Electronics NV's plan to delist CG Glass from the bourses was boosted in November 2001 by Dema Glass deciding to sell its 6.78% stake in the company. The Dutch consumer electronics major made an open offer for 53.2% stake in CG Glass following Royal Philips' 46.8% acquisition. Royal Philips made an open offer for the outstanding 53.2% equity share of CG Glass from the public at a price of INR 13.75 per share. The offer opened on 12 Sept and closed on 11 Oct 2001. In July the same year, Philips entered into an agreement with Crompton Greaves (28.8%) and CDC Group plc (18%) of London to acquire their entire stake in the company. Under the stock exchanging listing rules, if the promoters acquire 90% in a company they can delist it from the bourses.
