Alfa Laval promoters raise open offer price to Rs1,300
17 May 2007
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.