ABB increases stake in Indian arm to 75 %
ABB, the leading power and automation technology, said that its open offer to increase the stake in its Indian subsidiary from 52.11% to 75% has been successful.
During the three-week offer period, which closed on Tuesday, shareholders of ABB India tendered approximately 23% of the outstanding shares.
ABB will acquire the shares on a proportionate basis since the offer has been oversubscribed by approximately 1.5%.
The offer of Rs 900 per share, which was announced on May 17, values the transaction at approximately US$965mn (based on foreign exchange rates at the time of the announcement).
ABB stock closed 3.58% at Rs838 on the NSE after touching a day’s high of Rs884.
Life Insurance Corporation of India (LIC) has tendered just over half of its holdings in ABB in the open offer. LIC tendered 8.33% stake (176,54,869 shares) in the ABB open offer.
General Insurance Corporation of India (GIC), which held 1.04% stake (22.06 shares) in the company, tendered 10 lakh shares (45% of its holding) in the open offer.
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