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Ingersoll-Rand
to buy out Indian subsidiary
Mumbai: Ingersoll-Rand Company Ltd will purchase
the outstanding publicly held shares of its Indian subsidiary
Ingersoll-Rand India Ltd at a price of Rs325 a share,
according to a statement made by the company.
Ingersoll-Rand,
through its wholly owned subsidiary Ingersoll-Rand Company,
currently owns 74 per cent in Ingersoll-Rand India.
The
company said that it intends to consolidate its India
based subsidiaries and provide it increased operational
flexibility. Shares of Ingersoll-Rand India rose to Rs339.05
on the BSE from the previous day's close of Rs282.55.
The
company intends to acquire the outstanding shares through
a shareholder-led reverse book building process. It said
that the offer price of Rs325 a share is higher than the
highest closing price of Ingersoll-Rand India for the
last five years and represents a compelling exit opportunity
for Ingersoll-Rand India shareholders.
Ingersoll-Rand
(India) has informed the BSE that it has convened an EGM
on September 23 to seek shareholders' approval for delisting
the company's equity shares from BSE, Ahmedabad SE and
NSE.
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Sundaram
Mutual launches CAPEX Opportunities fund
Chennai: Sundaram Mutual Fund has announced the
launch of its Sundaram CAPEX Opportunities Fund, which
will invest in companies that supply equipment and material
to companies that are expanding their capacity.
According
to company officials, Sundaram Mutual had identified about
390 companies with combined sales of Rs1.4 lakh crore
to invest. Fund officials noted that capacity expansion
worth about Rs10 lakh crore was going on in India. According
to them, the companies that supply equipment and material
for capacity expansion have done well in the markets.
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HT
Media IPO subscribed 20.86 times
Mumbai: The initial public offering of HT Media
Ltd, publisher of Hindustan Times, was subscribed
20.86 times at the close of the issue today. The company
had offered 69.95 lakh shares in the IPO at a price band
of Rs445 to Rs530 per share.
The
book running lead manager to the issue was Kotak Mahindra
Capital.
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