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| Sulzer India shares soar 20% on delisting plan |
| Press Trust of India / Mumbai Mar 05, 2010, 11:43 IST |
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Sulzer India, manufacturer of mass transfer devices, today said its board has approved the proposal of its parent company to buy the remaining 20 per cent stake in itself.
Reacting to the news, shares of Sulzer India hit upper-circuit at Rs 1,243.65 on the BSE, up 20 per cent from the previous close.
The parent company, Sulzer, which currently holds 80 per cent stake in its Indian arm, wants to acquire the remaining 20 per cent holding in the company at Rs 870 per share, Sulzer India said in a filing to the Bombay Stock Exchange.
Pursuant to the acquisition, Sulzer would seek delisting of equity shares of the company from the Bombay Stock Exchange.
"The acquisition and delisting will help Sulzer integrate the company into its global operations with increased operational flexibility," the company said.
The proposal is subject to shareholders approvals, the filing added.
Sulzer believes that the delisting proposal is in the best interest of the public shareholders of the company and provides them an exit opportunity to tender their equity shares, it added.
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