Financial Daily from THE HINDU group of publications
Thursday, Aug 11, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 11, 2005 |
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Markets
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Buyback Ingersoll-Rand to buy out Indian arm at Rs 325 a share Our Bureau
Mumbai , Aug 10 INGERSOLL-Rand Company Ltd on Wednesday announced its intention to purchase the outstanding publicly held shares of its Indian subsidiary Ingersoll-Rand India Ltd at a price of Rs 325 a share. Ingersoll-Rand, through its wholly owned subsidiary Ingersoll-Rand Company, currently owns 74 per cent in Ingersoll-Rand India. "The company seeks to obtain full ownership of Ingersoll-Rand India to consolidate its India based subsidiaries and provide it increased operational flexibility to support its business and meet the needs of its customers," a news release said. Shares of Ingersoll-Rand India rose to Rs 339.05 on the BSe from the previous day's close of Rs 282.55. Ingersoll-Rand Company intends to acquire the outstanding shares through a shareholder-led reverse book building process. The offer price of Rs 325 a share is higher than the highest closing price of Ingersoll-Rand India for the last five years and represents a compelling exit opportunity for Ingersoll-Rand India shareholders. Ingersoll-Rand (India) today informed BSE that it has convened an EGM on September 23 to seek shareholders' approval for delisting the company's equity shares from BSE, Ahmedabad SE and NSE .
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