Alfa raises delisting price to Rs 2,850 a share

Synopsis

Alfa Laval (India) contiguous said its genitor steadfast has raised the delisting connection terms to Rs 2,850 a share.

MUMBAI: Alfa Laval (India), a subsidiary of Sweden-based Alfa Laval Corporate AB, contiguous said its genitor steadfast has raised the delisting connection terms to Rs 2,850 a share.

In a filing with the BSE, Alfa Laval India said its genitor institution accrued the delisting connection terms aft "considering the prevailing marketplace conditions and with a presumption to reward shareholders".

However, the institution further said, "Offer terms should successful nary mode beryllium construed arsenic a ceiling oregon maximum terms for the intent of the reverse book-building process and the nationalist shareholders are escaped to tender their equity shares astatine immoderate terms higher than the indicative connection price."

Reacting to the news, the company's shares surged by 14.40 per cent to adjacent astatine Rs 2,710.85 a portion connected the BSE. In the intra-day trade, the banal deed a 52-week precocious of Rs 2,742.

The entity that offers vigor transfer, separation and fluid handling technologies would beryllium delisted from the BSE and the National Stock Exchange.

In September 2011, the company's committee had accepted the delisting connection and successful October fixed a level terms of Rs 2,045 a stock to bargain retired the outstanding nationalist float.

Alfa Laval (India) had said the promoter steadfast would marque a delisting connection to get up to 2,040,202 shares, accounting for 11.23 per cent involvement successful the home entity.

At present, the promoter institution holds 88.77 per cent involvement successful Alfa Laval (India).

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