MUMBAI: Alfa Laval (India), a subsidiary of Sweden-based Alfa Laval Corporate AB, said today that the parent company has raised its delisting offer to Rs 2,850 per share.
In an application to the BSE, Alfa Laval India said the parent company has increased the delisting offer price after “taking into account prevailing market conditions and with a view to rewarding shareholders”.
However, the company went on to say: “The offer price should in no way be construed as a cap or maximum price for the purposes of the reverse book building process and public shareholders are free to offer their shares at any price higher than the indicative price. offer price.”
In response to the news, the company’s shares rose 14.40 percent to close at Rs 2,710.85 each on the BSE. In intra-day trading, the stock hit a 52-week high of Rs 2,742.
The entity offering heat transfer, separation and fluid handling technologies would be delisted from BSE and the National Stock Exchange.
In September 2011, the company’s board of directors had accepted the delisting proposal and set a floor price of Rs 2,045 per share in October to buy out the outstanding public float.
Alfa Laval (India) had said the promoter company would make a delisting offer to acquire up to 2,040,202 shares, representing an 11.23 percent stake in the domestic entity.
Currently, the promoter company has an 88.77 percent stake in Alfa Laval (India).
This post Alfa Laval raises share price to Rs 2,850 per share
was original published at “https://economictimes.indiatimes.com/markets/stocks/news/alfa-laval-raises-delisting-price-to-rs-2850-a-share/articleshow/11437373.cms”