MUMBAI: Alfa Laval (India), a subsidiary of Sweden-based Alfa Laval Corporate AB, today said its parent firm has raised the delisting offer price to Rs 2,850 a share.
In a filing with the BSE, Alfa Laval India said its parent company increased the delisting offer price after “considering the prevailing market conditions and with a view to reward shareholders”.
However, the company further said, “Offer price should in no way be construed as a ceiling or maximum price for the purpose of the reverse book-building process and the public shareholders are free to tender their equity shares at any price higher than the indicative offer price.”
Reacting to the news, the company’s shares surged by 14.40 per cent to close at Rs 2,710.85 a piece on the BSE. In the intra-day trade, the stock hit a 52-week high of Rs 2,742.
The entity that offers heat transfer, separation and fluid handling technologies would be delisted from the BSE and the National Stock Exchange.
In September 2011, the company’s board had accepted the delisting proposal and in October fixed a floor price of Rs 2,045 a share to buy out the outstanding public float.
Alfa Laval (India) had said the promoter firm would make a delisting offer to acquire up to 2,040,202 shares, accounting for 11.23 per cent stake in the domestic entity.
At present, the promoter company holds 88.77 per cent stake in Alfa Laval (India).