Alfa Laval (India) shot up by 14%, hitting the 52-week high of Rs2700 on the BSE after the company said its Sweden-based parent is willing to accept equity shares tendered in the delisting offer at Rs2,850 each.
Alfa Laval (India) clarified that the indicative offer price of Rs 2,850 per equity share must not be interpreted as a ceiling or maximum price for the proposed delisting and the public shareholders are free to tender their equity shares at a price higher than the offer.
The indicative offer price of Rs 2,850 per share is 6.66% premium to the ruling market price and 20.27% premium to Monday's (9 January 2011) closing price of Rs 2,369.70.
Sweden-based parent Alfa Laval Corporate AB, which holds 88.77% stake in Alfa Laval (India), has proposed a voluntary delisting of the shares of Alfa Laval (India) from the stock exchanges.
The parent company will acquire 20.40 lakh shares, constituting 11.23% of the paid-up equity share capital of the company by making a delisting offer to the public shareholders of the company.
The move follows regulatory changes in India that require Alfa Laval (India) to have a minimum public float of 25% or to seek delisting. As Alfa Laval currently holds 88.8% of the Indian company, the public float is at present 11.20%.....more info
Alfa Laval (India) clarified that the indicative offer price of Rs 2,850 per equity share must not be interpreted as a ceiling or maximum price for the proposed delisting and the public shareholders are free to tender their equity shares at a price higher than the offer.
The indicative offer price of Rs 2,850 per share is 6.66% premium to the ruling market price and 20.27% premium to Monday's (9 January 2011) closing price of Rs 2,369.70.
Sweden-based parent Alfa Laval Corporate AB, which holds 88.77% stake in Alfa Laval (India), has proposed a voluntary delisting of the shares of Alfa Laval (India) from the stock exchanges.
The parent company will acquire 20.40 lakh shares, constituting 11.23% of the paid-up equity share capital of the company by making a delisting offer to the public shareholders of the company.
The move follows regulatory changes in India that require Alfa Laval (India) to have a minimum public float of 25% or to seek delisting. As Alfa Laval currently holds 88.8% of the Indian company, the public float is at present 11.20%.....more info