Atlas Copco to Increase Ownership in Indian Subsidiary and Delist Shares
Atlas Copco AB has decided to acquire at least 50% of all shares it does not already own in its subsidiary Atlas Copco (India) Limited, and will apply for the delisting of its shares from Indian exchanges.
Limited to submit offers for the sale of their shares. Atlas Copco AB will initially
acquire about 1.8 million shares at 2 750 Rupees per share, for a total approximately
BINR 5 (MSEK 700). This will bring Atlas Copco AB’s shareholding in Atlas Copco
(India) Limited to 92%, from 84% previously.
“This investment is in line with the Group’s policy of having wholly owned foreign
subsidiaries, and offers us greater operational flexibility in India,” says Hans Ola
Meyer, Chief Financial Officer of Atlas Copco AB.
Atlas Copco will submit an application for delisting to the Bombay Stock Exchange
and the Pune Stock Exchange. Upon approval, all remaining public shareholders in
Atlas Copco (India) Limited will have an option to divest their shares to Atlas Copco
AB at 2 750 Rupees per share for the coming 12 months. Atlas Copco anticipates that
part of the outstanding shares will be tendered during this period.
Financial market regulations in India require publicly listed companies to have a public
shareholding of at least 25% by June 2013, or apply for delisting. A delisting requires
the purchase of at least 50% of outstanding shares, and at least 90% ownership.
For further information, please contact:
Telephone: +91 20 3985 2543