Alfa Laval promoters raise open offer price to Rs1,300

17 May 2007

1

Alfa Laval''s parent has hiked its open offer price to Rs1300 a share from Rs875. The company has also extended the last date to 26 May, reports CNBC-TV18.

Analysts say the last open offer was not successful. The original dates were 19 April to 7 May. The parent company Alfa Laval Sweden will acquire 25.89 per cent equity.

The acceptance ratio works out to 72 per cent and the breakeven point is at Rs1,024 (including 1 per cent interest per month). Alfa Laval announced revised open offer dates on April 27 and the stock has moved up 6.5 per cent since 27 April.

Analysts state that the parent stake will go up to 90 per cent from 64.1 per cent, if the offer is successful. Institutions hold 19.5-per cent stake in the company while public holding is at 14.8 per cent and Franklin Templeton MF has 3.4-per cent stake in the company.




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