Stocks

ABB Power lists with 5% gain

Our Bureau Chennai | Updated on March 30, 2020

Swap ratio: One share of APPSIL for every 5 shares of ABB

Shares of ABB Power Products and Systems India Ltd, the demerged powergrid entity of ABB, got listed on the bourses on Monday and hit the 5 per cent upper circuit at ₹714 on the BSE. The company had demerged from ABB India Ltd with effect from December 1, 2020, to become a standalone legal entity.

Shareholders of ABB India (as on the record date of December 23, 2019) would have received one share of APPSIL for every 5 shares.

“This is a key milestone for us,” said N Venu, Country Managing Director of ABB Power Grids in India. “We have been active in India for over six decades, serving the country as well as global markets. We have an extensive country-wide presence with around 4,500 dedicated employees across five manufacturing sites, 12 branch offices and R&D centre in the subcontinent, and our listing on the Indian stock exchanges is a sign of our commitment to continue delivering value for our customers and shareholders.

“We have made a major contribution in supporting India’s power infrastructure development and remain committed to shaping the future of sustainable energy, with pioneering technologies, as the partner of choice for enabling a stronger, smarter and greener grid,” he said, in a release to the stock exchanges.

For the April to December 2019 period, the business had a total revenue of ₹3,231 crore, with a profit before exceptional items and tax of ₹261 crore (PBT at ₹221 crore).

ABB Power Products and Systems India Limited is the standalone legal entity of ABB’s power grids business in India.

Shares of ABB are currently trading 2 per cent lower at ₹835 on the BSE.

Published on March 30, 2020

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